Sanatana Closes Private Placement for Gross Proceeds of 1,984,455
VANCOUVER, BRITISH COLUMBIA, Nov 09, 2012 (Menafn - MARKETWIRE via COMTEX) --Sanatana Resources Inc. ("Sanatana" or the "Company") announces that further to its news releases of October 24, 2012and November 6, 2012, the Company has closed the non-brokered privateplacement (the "Private Placement") of 6,013,500 flow-through units(the "FT Units") at 0.33 per FT Unit for gross proceeds of1,984,455.
Each FT Unit consists of one flow-through common share in the capitalof the Company (a "FT Share") and one-half of one share purchasewarrant (each whole warrant, a "FT Warrant"). Each FT Warrant willentitle the holder to purchase one additional non-flow-through commonshare in the capital of the Company (a "FT Warrant Share") at a priceof 0.40 per FT Warrant Share until November 9, 2014.
In connection with the closing, the Company paid an aggregate cashcommission of 103,158 to certain arm's-length finders, representing6% of the gross proceeds raised on the sale of the FT Units placed bysuch finders.
All securities issued in connection with the Private Placement aresubject to a statutory hold period expiring on March 10, 2013. Theproceeds from the Private Placement will be used for mineralexploration and development for the Company's Watershed Property inOntario. The Company will renounce an amount equal to the grossproceeds derived from the sale of the FT Shares to purchasers inaccordance with the provisions of the Income Tax Act (Canada).
About the Company
Sanatana Resources Inc. is a Canadian mineral exploration anddevelopment company focused on its Watershed property in Ontario.Sanatana entered into an option and joint venture agreement withTrelawney Augen Acquisition Corp. (formerly Augen Gold Corp.)("TAAC") which grants Sanatana an option to acquire up to 51% of theWatershed property. On June 21, 2012 IAMGOLD Corporation completedits acquisition of Trelawney Mining and Exploration Inc. and becamethe sole indirect shareholders of TAAC. With an experiencedmanagement team and board of directors, the Company has the abilityrequired to identify, develop and fund economic mineral properties.Sanatana is based in Vancouver and is listed on the TSX VentureExchange .
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
604-408-6680 or Toll Free: 1.877.881.6680
SOURCE: Sanatana Resources Inc.
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