SANATANA RECEIVES TSX-V APPROVAL FOR WARRANT EXTENSIONS
Vancouver, British Columbia, Canada, May 2, 2024. Sanatana Resources Inc. (“Sanatana” or the “Company”: TSX-V: STA) is pleased to announce that, further to the Company’s news release dated April 24, 2024, the TSX Venture Exchange (the “TSXV”) has approved new expiry dates for a total of 9,918,333 share purchase warrants (the “Warrants”) issued pursuant to certain non-brokered private placements (the “Offerings”).
The extension of the expiration date of the Warrants (the “Warrant Extensions”) is now effective as indicated below:
The Warrants issued pursuant to the Offerings entitle the holder thereof to acquire one common share of the Company at a price of $0.20 per common share. All other terms of the Warrants, including the exercise price, will remain the same.
As a result of obtaining the TSXV approval of the Warrant Extensions, the Warrants will automatically be extended to the new expiry dates without further action on part of the holders of the Warrants and new certificates representing the Warrant Extensions will not be issued.
A total of 623,333 Warrants extended are held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of these Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company focused on high-impact properties in Canada. With an award-winning technical team and experienced management and board of directors, Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX-V: STA).
SANATANA RESOURCES INC.
(signed) “Peter Miles”
Peter Miles
President and Chief Executive Officer
For additional information on the Company, please contact Mr. Peter Miles, Chief Executive Officer at (604) 408-6680 or email investor@sanatanaresources.com.
To be added to the email distribution list, please email ir@sanatanaresources.com with “Sanatana” in the subject line.
Cautionary Statements Regarding Mineralization and “Forward-Looking” Information
Mineralization hosted on adjacent, nearby or geologically similar properties is not necessarily indicative of mineralization hosted on the Company’s properties.
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements related to the Warrant Extensions and regulatory approvals required in connection with the Warrant Extensions.
Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Sanatana’s control including, but not limited to, regulatory approval for the Warrant Extension. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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.