Sanatana Resources Inc. today announced that IAMGOLD Corporation has waived its right of first refusal in connection with Sanatana’s previously announced sale of its Watershed Royalty to Ely Gold Royalties Inc. . The receipt of the waiver from IAMGOLD is a key condition precedent to completion of the Royalty Sale, which is now expected to close in early December, 2020.The TransactionSanatana will sell the Watershed …
Sanatana Resources Inc. (TSXV: STA) (“Sanatana” or the “Company”), today announced that IAMGOLD Corporation (“IAMGOLD”) has waived its right of first refusal in connection with Sanatana’s previously announced sale of its Watershed Royalty (the “Royalty Sale”) to Ely Gold Royalties Inc. (TSXV: ELY) (OTCQX: ELYGF) (“Ely Gold”). The receipt of the waiver from IAMGOLD is a key condition precedent to completion of the Royalty Sale, which is now expected to close in early December, 2020.
Sanatana will sell the Watershed Royalty to Ely Gold for consideration comprising $2,500,000 in cash and 1,000,000 Ely Gold warrants (the “Ely Warrants“) which will have a five-year term and an exercise price of $1.31 per share (the “Exercise Price“). Ely Gold will have the right to accelerate expiry of the Ely Warrants if the 10-day volume-weighted average price of Ely Gold common shares exceeds $1.97 per share. The Royalty Sale remains subject to the approval of the TSX Venture Exchange.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company focused on high-impact properties in Canada and the Western Pacific. With an award winning technical team and experienced management and board of directors, Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSXV: STA).
Sanatana Resources INC.
(signed) “Peter Miles“____
Chief Executive Officer
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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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