Satori Resources Shareholders Approve Acquisition of Rob McEwen's Apollo Exploration, Resulting in Rob McEwen Holding a 37.6% of the Company
New Company Proposed to be Named Canadian Gold Corp.Toronto, March 31, 2023 - Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that shareholders have approved the acquisition of Rob McEwen's 100% owned private exploration company, Apollo Exploration Inc. ("Apollo"). Apollo has been acquiring key exploration projects around Canada's largest gold mines and development projects, including the Canadian Malartic Mine (Agnico Eagle), the Hemlo Mine (Barrick Gold) and the Hammond Reef Project (Agnico Eagle). At closing, the combined company will have approximately CDN$2.2 million and no debt.
Shareholders also approved a name change for the Company, specifically, Canadian Gold Corp., and a new ticker symbol, CGC, has been reserved. Closing is expected to occur mid-April and remains subject to receipt of final approval of the TSX Venture Exchange.
Upon final completion of the transaction, Rob McEwen will be Satori's largest shareholder owning 37.6% of the Company. Satori has entered into a definitive agreement with McEwen and Apollo, whereby Satori shall issue 60,000,000 common shares to acquire all the issued and outstanding shares of Apollo. Further details of the definitive agreement are set out in the Company's news release dated February 6, 2023, and in its management information circular dated February 23, 2023 (the "Circular") found on www.sedar.com.
The TSX Venture Exchange has provided conditional approval for this transaction, which was subject to receipt of shareholder approval for the creation of a new control person.
All other items of business were approved by shareholders at the Company's annual and special meeting of shareholders, including the appointment of MNP LLP as auditors, the 2021 stock option plan and the election of Alex McEwen as a new director, along with Pete Shippen, Jennifer Boyle, Doug Flegg, Wes Hanson, and Jeff Kilborn.
ABOUT SATORI RESOURCES INC. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see Technical Report dated April 5, 2017 entitled "Satori Resources Tartan Lake Project Technical Report Manitoba, Canada April 2017", prepared by Mining Plus Canada Consulting Ltd. available on www.sedar.com), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B.
President and Chief Executive Officer
Satori Resources Inc.
(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.
