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VANCOUVER, British Columbia, June 20, 2019 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. ("Sanatana" or the "Company": TSX-V: STA) has, further to its news release of August 9, 2018, entered into a second mineral option amending agreement (the “Second Amending Agreement”) with Alto Ventures Ltd. (“Alto”) amending a mineral property option agreement dated February 3, 2017 (the “Original Agreement”) with respect to the acquisition of mining property located in Ontario (the “Property”).
The Original Agreement was amended on July 16, 2018 (the “First Amending Agreement”, together with the Second Amending Agreement, the “Amending Agreements”), which is still 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 Agreement, all were originally due on June 21, 2018.
Pursuant to the Amending Agreements, the Company and Alto has agreed to amend the cash consideration from $125,000 to $75,000, of which $50,000 has already been paid on June 21, 2017 (the “Effective Date”). The balance cash consideration in the amount of $25,000 was paid by June 10, 2019. The exploration expenditure to be incurred in the amount of $50,000 was deferred until December 21, 2018. The Company deferred the issuance of 2,000,000 Shares until July 30, 2018 and has agreed to issue additional 1,000,000 Shares and 1,000,000 Warrants (the “Additional Securities”) to Alto on or before June 30, 2019 to satisfy the cash consideration previously contemplated. In consideration of the amendments included in the First Amending Agreement, the Company agreed to issue 200,000 Shares to Alto, such issuance will be deferred until June 30, 2019.
The Amending Agreements, including the issuance of the Bonus Shares and the Additional Securities, are subject to TSX Venture Exchange approval.
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 (STA.V).
SANATANA RESOURCES INC.
(signed) "Peter Miles"
President and Chief Executive Officer
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.
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.
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.