|By Marketwired .||
|October 16, 2013 07:57 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/16/13 -- Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA). Further to its news release of September 25, 2013, the Company announces that it has closed the non-brokered private placement of units (the "Offering") for gross proceeds of $50,000.
The closing consisted of 625,000 units (the "Units") at a price of $0.08 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Share at a price of $0.12 per Share until October 16, 2015.
All securities issued under the Offering are subject to a statutory hold period ending on February 17, 2014 in accordance with applicable Canadian securities laws. The net proceeds of the Offering will be used for general corporate purposes and to fund the costs associated with the hearing before the Ontario Mining and Lands Commissioner in connection with Trelawney Mining and Exploration Inc.'s ("Trelawney") application for easements over the Watershed Property (see the Company's news releases of April 29, 2013 and July 4, 2013).
About the Company
Sanatana Resources Inc. is a Canadian mineral exploration and development company focused on its Watershed property in Ontario. Sanatana entered into an option and joint venture agreement with Trelawney Augen Acquisition Corp. (formerly Augen Gold Corp.) ("TAAC") which grants Sanatana an option to acquire up to 51% of the Watershed Property consisting of 46 mining claims totalling approximately 19,006 acres and located within the Townships of Yeo, Chester, Neveille and Benneweis. As at November 2012, Sanatana exercised its first option and is the legal and beneficial owner of 50% of the Watershed Property. Sanatana has until March 2016, to decide whether to exercise its right to acquire a further 1% in the Watershed Property. In June 2012 IAMGOLD Corporation completed its acquisition of Trelawney Mining and Exploration Inc. and became the sole indirect shareholders of TAAC. In 2013, Sanatana (i) expanded the Watershed Property by acquiring, for the benefit of Sanatana and TAAC, a 20% interest in three additional mining claims located in Yeo and Chester Townships, Ontario and (ii) staked, and is the legal and beneficial owner of a 100% interest in an additional mining claim located in Chester Township, Ontario.
With an experienced management team and board of directors, the Company has the ability required to identify, develop and fund economic mineral properties. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX VENTURE:STA).
SANATANA RESOURCES INC.
Peter Miles, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sanatana Resources Inc.
Mr. Peter Miles
President and Chief Executive Officer