Satori Resources: Corporate Reorganization and Debt Settlement
Toronto, Ontario--(Newsfile Corp. - April 30, 2015) - Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") announces that, in an attempt to preserve its treasury, the board of directors have resolved to jointly govern the affairs of the Company and settle existing debts for management services by the issuance of common shares.
It was further resolved that upon the issuance of 2,000,000 common shares to Walter Henry, and the receipt of Mr. Henry's resignation as President and Chief Executive Officer of the Company, the Company shall carry out its mandates through the combined efforts and directives of the Board of Directors.
Contemporaneously with Mr. Henry's resignation as President and Chief Executive Officer, Messrs. Henry and Tom Hussey will each resign as directors of the Company, and Mr. Jim Fairbairn has been appointed to fill a vacancy. Ms. Jennifer Boyle will remain as a director, however, Mr. Bruce Reid will be assuming Ms. Boyle's role as Executive Chairman of the Board of Directors.
The Company intends to consider transactions in the normal course, and to advance activities at the Tartan Lake Gold mine site.
The issuance of 2,000,000 common shares is to settle an aggregate $100,000 in management and severance fees, and is issuable subject only to the approval of the TSX Venture Exchange.
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:
Bruce Reid
Executive Chairman, Satori Resources Inc.
C: (647) 500-4495
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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