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TORONTO, Nov. 22, 2018 (GLOBE NEWSWIRE) -- Satori Resources Inc. (TSXV:BUD) (“Satori” or the “Company”) announces that it has closed the first tranche of a private placement offering last announced on October 5, 2018 by the issuance of 12,800,000 units at a price of $0.05 per unit, for gross proceeds of $640,000. 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.
In connection with this closing, the Company paid a cash finders' fee of $600.00 to an eligible finder, and further, the TSX Venture Exchange has authorized an extension to complete the full private placement by December 21, 2018. Officers and directors of the Company subscribed for 3,300,000 of the units, for gross proceeds of $165,000 (25.8%).
The proceeds of the Offering shall be used for general working capital and assessing potential transactions. All of the securities issuable in connection with 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 Tatran 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.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept 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.