Sanatana Resources Inc (CVE:STA) announced a private placing to raise up to C$1.25 million to advance exploration at its properties in Ontario, Canada.
The company will issue up to five million flow-through units (FT units) at C$0.25 each.
READ: Sanatana Resources reports high-grade gold, silver sample results from its Gold Rush project in Ontario
Each FT unit consists of one flow-through share, and one-half of a share purchase warrant. Each warrant entitles the holder to buy one non-flow-through company share (a warrant share) at C$0.35 each for 24 months from closing.
Vancouver-based Sanatana is focused on high-impact properties in Canada and the Western Pacific.
Last month, it told investors that initial grab sample results from its Gold Rush project in Ontario’s Timmins region have returned grades as rich as 27.3 grams per tonne (g/t) gold and 53.5 g/t silver.
The company noted that first-pass surface sampling and prospecting has identified numerous gold-bearing and gold/silver-bearing quartz vein systems on the Gold Rush property. It also revealed that it has identified a new gold-bearing quartz vein named "DC".
And in December, the group said it had received a Letter of Intent (LOI) from the Solomon Islands Ministry of Mining, Energy and Rural Electrification for exclusive negotiations with local landholders.
It is over acquiring the prospecting and exploration rights to the Sutakiki mineral tenure in the Solomon Islands, which would also involve a joint venture agreement with Cobre Nuevo Exploration.
The company noted that the 188 square kilometre (sq km) Sutakiki mineral tenure is considered prospective for copper-gold porphyry-style mineralization. It is also located directly south of, and borders, the more than four million ounce Gold Ridge property, which is targeted for production in mid-2021.
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