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Sanatana raising $1.2 million for exploration near old DeSantis Mine near Timmins

Dec 4, 2020

Sanatana Resources Inc. is continuing to explore West Timmins. The company has arranged a non-brokered private placement of up to 5,000,000 flow-through units at $0.25 per FT Unit for gross proceeds of up to $1,250,000. Each FT Unit will consist of one flow-through common share in the capital of the company, and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow-through common share in the capital of the Company (a "Warrant Share") at a price of $0.35 per Warrant Share for a period of 24 months from the closing of the Offering. 

The net proceeds from the Private Placement are expected to be used for mineral exploration and development of the Company's properties in Ontario.

The Company may pay a finder's fee on the Offering within the amount permitted by the policies of the TSX Venture Exchange (the "Exchange"). Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. 

All securities issued in connection with the Offering will be subject to a statutory 4-month hold period from closing in accordance with applicable securities legislation.

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