Toronto, Ontario--(Newsfile Corp. - June 23, 2014) -
Satori Resources Inc. (TSXV: BUD) (
"Satori" or the
"Company") announces that further to its news
release dated May 6, 2014, it will reduce the aggregate amount of
proceeds raised in its Offering to a maximum of $300,000, $50,000
of which shall be offered as a flow through financing.
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 (and not $0.15 as announced on
May 6, 2014) 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 further amended the terms of its finders fees, and
accordingly, it shall pay a 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.
The proceeds from the Offering will be used for ongoing
evaluation of the Tartan Lake Gold Mine, for exploration purposes
in relation to phosphate (see news release April 30, 2014), for
evaluation of newly acquired assets, and for general working
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
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
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.
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OR FOR DISSEMINATION IN THE UNITED STATES.