Satori Resources Inc. 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.