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TORONTO, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Satori Resources Inc. (BUD.V) (“Satori” or the “Company”) announces that it has closed the final tranche of its private placement offering (first tranche announced on November 22, 2018) for additional gross proceeds of $130,000. In total, the Company raised $770,000 by the issuance of an aggregate 15,400,000 units at a price of $0.05 per unit. Each unit is comprised of one common share and one full purchase warrant entitling the holder to acquire one common share at a price of $0.06 for a period of 36 months from issuance. All securities issued are subject to a four month hold period from the date of issuance.
Officers and directors of the Company subscribed for 4,100,000 of the units, for gross proceeds of $205,000 (26%). Securities acquired by insiders shall be held in escrow pending final approval from the TSX Venture Exchange.
Upon completion of the private placement offering, Mr. Bruce Reid and Mr. Carl Hansen each submitted their resignation as directors of the Company, and Ms. Jennifer Lomax was appointed a director of the Company. Ms. Lomax is a senior marketer and management consultant. In 2018, Jennifer co-founded Strataline Experts Ltd., a consulting firm which works with executive teams to clarify strategy, drive organization alignment and increase team and individual effectiveness. Jennifer holds an HBA and MBA from the Richard Ivey School of Business.
The proceeds of the offering shall be used for general working capital and assessing potential transactions. All of the securities issuable in connection with each tranche of the Offering are subject to a hold period expiring four months and one day after date of issuance.
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 Flin Flon mining district, Manitoba, Canada. The Tartan Lake Gold Mine had historical production of approximately 48,000 ounces of gold between 1987-1989. The Project hosts a 450 tonne per day gold concentrator and related infrastructure, along with a decline ramp providing access to developed gold mineralization within the Main and South Zones to a vertical depth of 320 metres.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Chief Executive Officer
For further information, please visit www.satoriresources.ca.
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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.