Satori Continues to Uncover Encouraging Information About the Tailings at Tartan Lake Gold Mine, Flin Flon Manitoba
27.03.2012 | Marketwired
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TORONTO, ONTARIO -- (Marketwire - March 27, 2012) - Satori Resources Inc. (TSX VENTURE: BUD) ("Satori" or the "Company") announces that its ongoing efforts to compile information about the gold potential in the tailings pond at the Tartan Lake Gold Mine continues to provide management with a very encouraging level of confidence. Desk-top due diligence of old reports and intriguing correspondence has expedited the Company's efforts toward the assessment of a summer processing program, in anticipation of the potential to generate sufficient funds to re-commission, in whole or in part, if at all, the Tartan Lake Gold Mine. Engineers are currently being engaged in preparation for this undertaking.
The Company further announces the closing of the first tranche of its non-brokered private placement offering for gross proceeds of $50,000. The Company issued 625,000 flow-through units at a price of $0.08 per flow-through unit. Each flow-through unit consists of one common share of Satori and one half of one non-transferable share purchase warrant. Each full purchase warrant entitles the holder to acquire an additional non-flow-through common share of the Company at a price of $0.13 at any time within 24 months of issuance.
In connection with this first tranche closing, the Company paid an aggregate $2,800 in Finders' Fees (7% cash) and issued 35,000 Finder Warrants to eligible Finders, representing 7% of the number of units placed by eligible Finders. Each Finder Warrant entitles the holder to acquire one non-flow through common share at an exercise price of $0.10 at any time within 24 months of issuance.
The securities comprising the units are subject to a hold period and may not be traded for four months from issuance.
The proceeds from the sale of the units will be used for exploration activities and eligible ongoing efforts to re-commission the Tartan Lake Gold Mine Project, Flin Flon, Manitoba.
The Company anticipates closing subsequent tranches of this non-brokered private placement, which has amended terms as set out above, from the previous announcement on February 21, 2012.
ABOUT SATORI RESOURCES INC.
Satori is a Toronto-based mineral exploration and development company whose primary property is the Tartan Lake Gold Mine Project (100% interest), located in the prolific Flin Flon Greenstone Belt, Manitoba.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Satori Resources Inc.
Jennifer Boyle, B.A., LL.B
President and Chief Executive Officer
(647) 430.0966 or Cell: (416) 904.2714
Satori Resources Inc.
Jeffrey Kilborn
Executive Vice President
(647) 430.0966 or Cell: (416) 723 3916
www.satoriresources.ca
TORONTO, ONTARIO -- (Marketwire - March 27, 2012) - Satori Resources Inc. (TSX VENTURE: BUD) ("Satori" or the "Company") announces that its ongoing efforts to compile information about the gold potential in the tailings pond at the Tartan Lake Gold Mine continues to provide management with a very encouraging level of confidence. Desk-top due diligence of old reports and intriguing correspondence has expedited the Company's efforts toward the assessment of a summer processing program, in anticipation of the potential to generate sufficient funds to re-commission, in whole or in part, if at all, the Tartan Lake Gold Mine. Engineers are currently being engaged in preparation for this undertaking.
The Company further announces the closing of the first tranche of its non-brokered private placement offering for gross proceeds of $50,000. The Company issued 625,000 flow-through units at a price of $0.08 per flow-through unit. Each flow-through unit consists of one common share of Satori and one half of one non-transferable share purchase warrant. Each full purchase warrant entitles the holder to acquire an additional non-flow-through common share of the Company at a price of $0.13 at any time within 24 months of issuance.
In connection with this first tranche closing, the Company paid an aggregate $2,800 in Finders' Fees (7% cash) and issued 35,000 Finder Warrants to eligible Finders, representing 7% of the number of units placed by eligible Finders. Each Finder Warrant entitles the holder to acquire one non-flow through common share at an exercise price of $0.10 at any time within 24 months of issuance.
The securities comprising the units are subject to a hold period and may not be traded for four months from issuance.
The proceeds from the sale of the units will be used for exploration activities and eligible ongoing efforts to re-commission the Tartan Lake Gold Mine Project, Flin Flon, Manitoba.
The Company anticipates closing subsequent tranches of this non-brokered private placement, which has amended terms as set out above, from the previous announcement on February 21, 2012.
ABOUT SATORI RESOURCES INC.
Satori is a Toronto-based mineral exploration and development company whose primary property is the Tartan Lake Gold Mine Project (100% interest), located in the prolific Flin Flon Greenstone Belt, Manitoba.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Satori Resources Inc.
Jennifer Boyle, B.A., LL.B
President and Chief Executive Officer
(647) 430.0966 or Cell: (416) 904.2714
Satori Resources Inc.
Jeffrey Kilborn
Executive Vice President
(647) 430.0966 or Cell: (416) 723 3916
www.satoriresources.ca