Satori Provides Corporate Update
Toronto, Ontario / TNW-ACCESSWIRE / -March 27, 2014 / Satori Resources Inc. (TSXV:BUD) ("Satori" or the "Company") announces the resignation of Ms. Pamela Strand from the board of directors. Ms. Strand is pursuing a new career path, and the Company wishes her well in her future endeavours.
Given that the Company may considering an alternative transaction, the board of directors have decided not to appoint a nominee to fill the vacancy of Ms. Strand until a corporate direction is determined, and accordingly, Satori has made application to the TSX Venture Exchange for up to a 90 day waiver from the requirement to have a minimum three members on the board of directors.
Jennifer Boyle, President and CEO states "it is with great regret that we accept Pam's resignation, however, the timing is coincident with the Company's efforts in the evaluation of alternative businesses (or assets) and accordingly, provides us with the opportunity to build a team more conducive to what may ultimately be considered a change of business. Given that the mineral claims for the Tartan Lake Gold Mine project in Flin Flon, Manitoba remain in good standing, and the carrying costs are minimal, the Company is able to retain the Mine for a time when markets are more favourable or a viable transaction can be considered, and yet simultaneously pursue new opportunities that may be more aligned with current market conditions".
Effective as at Ms. Strand's resignation, the members of the board of directors of Satori are Jennifer Boyle and Bruce Reid. There is no assurance that the TSX Venture Exchange will allow a waiver in respect of Section 5.6 of Policy 3.1 of the TSX Venture Exchange Corporate Finance Manual, which states that a Company must have a minimum 3 members of the board of directors.
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. The Company is currently considering transactions in respect of the Tartan Lake Gold Mine, in addition to evaluating new project opportunities, both within the mining sector and others, particularly as it relates, directly and indirectly, to the medical marijuana sector.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B
President and Chief Executive Officer
Satori Resources Inc. jennifer@capexgroupinc.com
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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