Non-brokered sale of flow-through units funds exploration, development
By Devika Patel
Knoxville, Tenn., Nov. 6 - Sanatana Resources Inc. said it increased its non-brokered private placement of units to C$1.99 million from C$1.68 million. The deal priced on Oct. 25.
The company will now sell 6,013,500 units of one flow-through common share and a half-share warrant at C$0.33 per unit. Each whole warrant will be exercisable at C$0.40 for two years. The strike price represents a 33.33% premium to the Oct. 24 closing share price of C$0.30.
Proceeds will be used for mineral exploration and development at the company's Watershed Property in Ontario.
The Vancouver, B.C., company explores for economic minerals.
| Issuer: | Sanatana Resources Inc.
|
| Issue: | Units of one flow-through common share and a half-share warrant
|
| Amount: | C$1,984,455
|
| Units: | 6,013,500
|
| Price: | C$0.33
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 25
|
| Upsized: | Nov. 6
|
| Stock symbol: | TSX Venture: STA
|
| Stock price: | C$0.30 at close Oct. 24
|
| Market capitalization: | C$29.19 million
|
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