Sanatana Amends Option Agreements
Vancouver, British Columbia, Canada, August 9, 2018. Sanatana Resources Inc. ("Sanatana" or the "Company": TSX-V: STA) has, further to its news release of February 7, 2017, entered into mineral option amending agreements (the “Amending Agreements”) with each of Alto Ventures Ltd. (“Alto”) and Rudolf Wahl (“Wahl”) amending two out of three option agreements (the “Original Agreements”) with respect to the acquisition of mining property located in Ontario (the “Property”).
The Amending Agreements, which are subject to TSX Venture Exchange approval, allow Sanatana to postpone certain cash payment, the issuance of certain shares in the capital of the Company (the “Shares”) and certain exploration expenditure to be incurred as part of the consideration for the acquisition of 100% interest in the Property pursuant to the Original Agreements, all were originally due on June 21, 2018. Pursuant to the Amending Agreements, the Company will defer the payment of cash consideration in the aggregate amount of $100,000 and the exploration expenditure to be incurred in the amount of $50,000 for six months to December 21, 2018. The Company will also defer the issuance of 1,500,000 Shares for approximately one and a half months and will issue 150,000 additional Shares to Wahl (for a total of 1,650,000 Shares) at the same time.
The Company also announces that Sanatana is in default with respect to one of the three Original Agreements, being the option agreement among Sanatana, on the first part, and Wayne Larry Richards, Francine Richards and James Mark Hamel (collectively referred to as the “Richards Optionors”), on the other part. The Company has been served with a notice of default and has until August 20th to cure such default. If the Company fails to cure such default, the Richards Optionors may deliver a notice of termination to the Company to terminate such option agreement.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company. With an experienced management team and board of directors, the Company has the ability 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 RESOURCES 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 .
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news 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 "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. 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.
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