Satori Announces Completion of Share Consolidation and Private Placement
Toronto, Ontario--(Newsfile Corp. - August 11, 2015) - Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") announces the closing of its non brokered private placement offering for gross proceeds of $174,750, and the completion of the consolidation of its share capital on a 10:1 basis. Prior to the private placement offering, the Company had issued and outstanding 6,090,350 common shares and 646,700 common share purchase warrants, respectively.
The Company then issued 2,795,000 non-flow through Units (each Unit being comprised of one common share and one full purchase warrant exercisable at a price of $0.05 per share for a period of five years) for gross and net proceeds of $139,750.
On August 10, 2015, the Company increased the amount of the Flow-Through Units (each Flow-Through Unit being comprised of one flow-through common share and one full purchase warrant, exercisable at a price of $0.05 per non-flow-through common share for a period of five years), and as a result, the Company issued 700,000 Flow-Through Units for gross and net proceeds of $35,000.
In the aggregate, the Company issued 3,495,000 common shares and 3,495,000 common share purchase warrants, respectively. After completing this offering, the Company has outstanding 9,585,350 common shares and 4,141,700 common share purchase warrants, respectively. The funds raised pursuant to the offering will be used by the Company to finance Canadian projects and for working capital.
No finders fees were paid in respect of the offering.
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 anticipates undertaking various initiatives including a new resource evaluation of the Tartan Lake Gold Mine Project, which is expected to be followed by a Preliminary Economic Evaluation of the entire project.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Bruce Reid
Chief Executive Officer, Satori Resources Inc.
C: (647) 500-4495
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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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