Satori Announces Closing of First Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - July 3, 2014) - Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") announces that it has closed the first tranche of its private placement announced on June 23, 2014, by the issuance of 810,000 Units at a price of $0.05 per Unit, in addition to the issuance of 400,000 flow through common shares at a price of $0.05 per flow through common share, for gross proceeds of $60,500.
Each unit is comprised of one common share and one full purchase warrant, exercisable at a price of $0.08 for one year, and thereafter, at a price of $0.10, for the ensuing two year period, subject to the accelerated expiry provisions described below.
The Company paid an arms-length party finders fees of $4,050 in cash in addition to the issuance of 81,000 finders warrants, entitling the finder to acquire one common share of the Company at an exercise price of $0.08 for two years, subject to the accelerated expiry described below.
All securities issued are subject to a four month hold period. An Insider of Satori participated in this first tranche closing.
If, commencing in four months, the common shares of Satori trade at or above $0.20 on the TSX Venture Exchange for a minimum of 20 consecutive trading days, then Satori shall have the right to give notice of early expiry of the purchase warrants and the finders 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 proceeds from the Offering will be used for ongoing evaluation of the Tartan Lake Gold Mine, for exploration purposes in relation to phosphate (see news release April 30, 2014), for evaluation of newly acquired assets, and for general working capital purposes.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B
President and Chief Executive Officer
Satori Resources Inc.
T: (647) 430.0966 C: (416) 904.2714
jennifer@capexgroupinc.com
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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