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| Home : Sanatana Enters Into Agreement to Divest its Interest in the Watershed Property |
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Jan 13
2016 |
Sanatana Enters Into Agreement to Divest its Interest in the Watershed Property |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 12, 2016) - Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) announces that it has entered into a suite of definitive agreements with Trelawney Augen Acquisition Corp. ("TAAC") to divest Sanatana's 50% interest in the Watershed Property (along with all of Sanatana's information/data and drill core related thereto) for total cash consideration of up to C$5,000,000. TAAC is an arm's length party to Sanatana. The cash consideration is comprised of: (i) C$200,000 paid on execution of the suite of definitive agreements, (ii) a further C$1,800,000 paid upon closing, and (iii) contingent payments of up to C$3,000,000 upon satisfaction of certain milestones. In addition to the cash consideration, upon closing TAAC will return 6,987,239 Sanatana common shares to Sanatana for cancellation and grant to Sanatana a 1% net smelter returns royalty. The material terms of the transaction are further outlined below. |
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| Source:http://www.marketwired.com/mw/release.do?id=2087526&sourceType=3 |
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