Toronto, Ontario -September 17, 2013 - Satori Resources Inc. ("Satori" or the "Company") announces the closing of its non-brokered private placement offering by the issuance of 15,500,000 Units for gross proceeds of $155,000 (the "Offering"). Each $0.01 Unit is comprised of one common share in the capital of the Company ("Common Share") and one full non-transferable Common Share purchase warrant ("Warrant") exerciseable at a price of $0.05 for four years from issuance, subject to the accelerated expiry provisions described below. All securities issued pursuant to this Offering are subject to a hold period for four months from closing.
The Company paid $1,260 in finders fees and issued 126,000 finders warrants to a registered representative. Each finder warrant entitles the holder to acquire an additional common share of the Company at an exercise price of $0.10 at any time for 2 years from the closing of the Offering.
The Offering was closed pursuant to TSX Venture Exchange Bulletin which provided for temporary relief from certain pricing requirements, and the Company confirms that disinterested directors of Satori have approved this Offering.
If, commencing four months after the closing of the Offering, the common shares of Satori trade at or above $0.11 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, re-processing of tailings at the Mine, and for general working capital purposes, namely: (i) legal and accounting $30,000; (ii) office and communications $20,000; (iii) mine site activities/security and travel to project $30,000; (iv) regulatory and insurance costs $25,000; and (v) management fees $50,000.
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.
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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