Toronto, Ontario--(Newsfile Corp. - August 11, 2014) -
Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") announces that the TSX Venture Exchange has provided the Company with an extension of time to complete its $0.05 private
placement (see News Release June 23, 2014), provided that final documentation is filed on or before Thursday, August 14, 2014.
The Offering is comprised of the sale of up to 5,000,000 units ("Units") at a price of $0.05 per Unit. Each Unit will consist of one common share in the capital of the Company ("Common Share") and one full non-transferable purchase warrant
("Warrant"). Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.08 at any time within 12 (twelve) months from issuance, and thereafter, at a price of $0.10 until the expiry of three years from issuance,
subject to the accelerated expiry provisions described below.
Up to $50,000 of the gross proceeds shall be offered as flow through, whereby one flow through common share shall be issued at a price of $0.05 (up to 1,000,000 shares).
The Company shall pay a finders fee equal to 10% of the gross proceeds raised, in addition to the issuance of a number of finder warrants ("Finder Warrants") equal to 10% of the number of Units issued to eligible finders or other third parties (a
"Finder") upon closing. Each Finder Warrant entitles the holder to acquire an additional Common Share at an exercise price of $0.08 at any time within 24 months of the closing of the Offering, subject to the accelerated expiry described below.
This Offering is subject to the approval of the TSX Venture Exchange, and shall be offered to all qualified purchasers resident of any Canadian Province, in reliance upon exemptions from the prospectus and registration requirements of applicable
securities legislation. The securities issued upon the closing of the Offering will be subject to a four month hold period from the date of issue, including any other re-sale restrictions imposed by applicable securities regulatory authorities.
Insiders of Satori may, subject to regulatory approval, participate in the Offering.
If, commencing four months after the closing of the Offering, the common shares of Satori trade at or above $0.20 on the TSX Venture Exchange for a minimum of 20 consecutive trading days, then Satori shall have the right to give notice of early
expiry of the Warrants. Early expiry shall accelerate and be automatically amended to be the 30th day after the date on which Satori gives notice to the Warrant holder of such acceleration.
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 is currently considering transactions in respect of the Tartan Lake Gold Mine, in addition to evaluating new project opportunities, both within the mining sector and others.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B
President and Chief Executive Officer
Satori Resources Inc.
T: (647) 430.0966 C: (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.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
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