- Sanatana Resources (STA) has announced a private placement for gross proceeds of $600,000
- Teuton Resources Corp. has agreed to purchase 4,000,000 units of Sanatana
- Net proceeds from the placement will be used for drilling and exploration of Sanatana’s Oweegee Dome project
- Sanatana Resources is a mineral exploration and development company
- Sanatana Resources Inc. (STA) opened trading at C$0.145 per share
Sanatana Resources (STA) has announced a private placement for gross proceeds of $600,000.
Teuton Resources Corp. has agreed to purchase 4,000,000 units of Sanatana for $0.15 per unit. Each unit will consist of one share and one-half of a share purchase warrant, each full warrant exercisable at $0.20 for two years.
Net proceeds from the placement will be used for drilling and exploration of Sanatana’s Oweegee Dome project scheduled to start in June 2022.
Peter Miles, CEO of Santana commented on the financing.
“We are extremely pleased to welcome Teuton, headed by Dino Cremonese, as an important Sanatana shareholder. Dino has over 40 years of exploration experience in the Golden Triangle of BC and notably Teuton is the project generator for Tudor Gold’s Treaty Creek project (located approximately 40 kms west of Oweegee) with a combined market capitalization in excess of $560,000,000. We are confident that Dino’s demonstrated knowledge, leadership and experience in vetting Golden Triangle projects, combined with Teuton’s investment in Sanatana, provide a strong endorsement of Sanatana’s Oweegee Dome project.”
Dino Cremonese, President and CEO of Teuton added,
“This investment was made because of the merit of Sanatana’s Oweegee Dome property located east of Highway 37 and north of Meziadin Lake in the Golden Triangle region of northwestern British Columbia. The Oweegee Dome property is similar to Teuton’s Treaty Creek property in that both are very large and host extensive gossans indicating pervasive hydrothermal activity. Although five different companies optioned Treaty Creek from 1990 to 2007, it was not until the sixth optionee, Tudor Gold, took on the property that its promise was realized. The property is scheduled for drilling at the beginning of the 2022 field season and Teuton’s private placement investment insures it will have a substantial stake in this venture.”
Securities issued will be subject to a four-month hold period
Sanatana Resources is a mineral exploration and development company focused on copper and gold exploration in Canada.
Sanatana Resources Inc. (STA) opened trading at C$0.145 per share.