Satori Announces Amendment to Private Placement Offering
Toronto, Ontario - August 21, 2013 - Satori Resources Inc. ("Satori" or the "Company") announces that the exercise price of the purchase warrants ("Warrants") issuable within the unit offering ("Offering") announced on August 6, 2013 shall be $0.05 until the expiry of four years from issuance.
The amendment arises from the recently announced policy changes by the TSX Venture Exchange ("Exchange") permitting a minimum exercise price of $0.05 for purchase warrants.
Satori has received conditional approval from the Exchange to complete a non-brokered private placement offering for gross proceeds of up to $155,000 (the "Offering"), from the sale of units ("Units") at a price of $0.01 per Unit, whereby each Unit shall be comprised of one common share in the capital of the Company ("Common Share") and one full non-transferable Warrant. As announced on August 6, 2013, each Warrant entitled the holder to acquire one full Common Share at a price of $0.05 at any time within 12 (twelve) months from issuance, and thereafter, at a price of $0.10 until the expiry of four years from issuance, subject to the accelerated expiry provisions. Notwithstanding that, however, as set out above, which remains subject to final approval of the Exchange, all Warrants issuable under this Offering shall be exercisable at $0.05 for a period of four years from issuance.
All other terms of the Offering announced on August 6, 2013 remain unchanged, with the exception of the accelerated expiry of the Warrants. If, commencing four months after the closing of the Offering, the common shares of Satori trade at or above $0.11 on the Exchange for a minimum of 20 consecutive trading days, then Satori shall have the right to give notice of early expiry of the Warrants. Early expiry shall accelerate and be automatically amended to be the 30th day after the date on which Satori gives notice to the Warrant holder of such acceleration.
The Offering is being made pursuant to the Exchange Bulletin which provides for temporary relief from certain pricing requirements, and accordingly, the Offering is subject to specific conditions, as well as final approval by the Exchange and any other applicable securities legislation.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B
President and Chief Executive Officer
T: (647) 430.0966 C: (416) 904.2714
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.
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.
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