Company funds exploration work in Northwest Territories and the Yukon
By Devika Patel
Knoxville, Tenn., Dec. 31 - Sanatana Diamonds Inc. said it has completed the second tranche of a private placement of units and stock. The deal priced for C$2 million on Dec. 15 and was increased to C$2.75 million on Dec. 17; the first tranche raised C$1.65 million on Dec. 30, and the latest tranche raised C$76,500.
The company is selling 6,666,666 units of one common share and one half-share warrant at C$0.15 per unit for C$1 million. The whole warrants are exercisable at C$0.25 for one year. The warrant strike price is a 47.06% premium to the Dec. 14 closing share price of C$0.17.
The company also is selling 10,294,117 flow-through common shares at C$0.17 each for C$1.75 million. The price per share is identical to the Dec. 14 closing share price.
In the first tranche, Sanatana sold 9,705,883 shares. Of the shares, 2,352,941 were bought by the MineralFields Group for C$400,000. In the second tranche, the company sold an additional 450,000 shares.
Proceeds will be used for exploration work on the company's properties in the Northwest Territories or the Yukon, for general corporate purposes and as a reserve for asset acquisition investigations.
Sanatana is a diamond exploration company based in Vancouver, B.C.
| Issuer: | Sanatana Diamonds Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$2.75 million
|
| Investor: | MineralFields Group (for C$400,000)
|
| Pricing date: | Dec. 15
|
| Upsized: | Dec. 17
|
| Settlement dates: | Dec. 30 (for C$1.65 million), Dec. 31 (for C$76,500)
|
| Stock symbol: | TSX Venture: STA
|
| Stock price: | C$0.17 at close Dec. 14
|
| Market capitalization: | C$13.81 million
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 6,666,666
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
|
|
| Shares
|
| Amount: | C$1.75 million
|
| Shares: | 10,294,117
|
| Price: | C$0.17
|
| Warrants: | No
|
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