December 17, 2010
Sanatana Increases Non-Brokered Private Placement to $2,750,000
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, Canada, December 17, 2010 - Sanatana Diamonds Inc., ("Sanatana" or the "Company", TSX-V: STA). Further to its news release of December 15, 2010 (the "December 15th News Release"), Sanatana is pleased to announce that it has increased the flow-through portion of its private placement by $250,000 and the non flow-through portion of its private placement by $500,000. The terms of the private placement otherwise remain the same and will now consists of up to 10,294,117 FT Shares (previously up to 8,823,529 FT Shares) at a price of $0.17 per FT Share for gross proceeds of up to $1,750,000 (previously for gross proceeds of up to $1,500,000) and up to 6,666,666 Units (previously up to 3,333,333 Units) at a price of $0.15 per Unit for gross proceeds of up to $1,000,000 (previously for gross proceeds of up to $500,000). The aggregate proceeds from the private placement will now be up to $2,750,000 (previously aggregate proceeds of up to $2,000,000). All capitalized terms used in this news release but not otherwise defined have the meanings ascribed thereto in December 15th News Release.
The private placement remains subject to the approval of the TSX Venture Exchange and other customary closing conditions. All securities issued pursuant to the private placement will be subject to a four-month hold period. The funds raised from the private placement will be used for the purposes described in the December 15th News Release.
About the Company
Sanatana Diamonds Inc. is an exploration stage company seeking new projects to complement its existing properties in the Northwest Territories and the Yukon. With an experienced management team and board of directors, Sanatana has the skills required to identify, develop and fund economic mineral properties. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX-V: STA).
SANATANA DIAMONDS INC.
(signed) "Peter Miles"
President and Chief Executive Officer
For additional information on the Company, please contact:
Mr. Peter Miles, President and Chief Executive Officer
at 604-408-6680 or email firstname.lastname@example.org
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "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. 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.