Toronto, Ontario — June 28, 2021 – Satori Resources Inc. (TSXV: BUD) (“Satori” or the “Company”) is pleased to announce that it has closed its private placement offering for gross proceeds totaling $1,714,350. The Company issued 10,450,000 flow through common shares at a price of $0.135, and 2,760,000 common shares at a price of $0.11 per share.
The funds will be allocated primarily toward drilling activities in the vicinity of the existing mine infrastructure at the Tartan Lake Gold Mine Project, Flin Flon, Manitoba, follow up geophysical analyses, a summer ground reconnaissance program to test underexplored targets, and for general working capital.
In connection with this closing, the Company paid cash finders’ fees totaling $100,911 to eligible finders. 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.
Pete Shippen, Chairman, states “We would like to thank our shareholders for the continued support of our Company through this financing. Our existing stakeholders formed an overwhelming majority of this Private Placement and share our belief in the upside potential at Tartan Lake.”
AOUT SATORI RESOURCES INC. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba. Satori also holds a 100% interest in the New Delhi Project, an advanced polymetallic gold project in the Sudbury Mining District, Ontario.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989); which produced 36,000 ounces of gold from 250,000 tonnes of ore feed. Remaining infrastructure includes: all season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Mineralization at the mine is currently drill limited and open at depth.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B.
President and Chief Executive Officer
Satori Resources Inc.
Mr. Pete Shippen
Chair, Satori Resources Inc.
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