Toronto, Ontario--(Newsfile Corp. - July 27, 2015) - Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") announces that since the re-structuring of its executives announced on April 30, 2015, the board has appointed Mr. Bruce Reid as Chief Executive Officer. Mr. Reid has agreed to assume the role without salary or monthly cash compensation during this time of re-structuring in an effort to reduce expenses and preserve the Tartan Lake Gold Mine project in Flin Flon, Manitoba. At this time no officers or directors are currently drawing or accruing a regular salary.
Additionally, further to the Company's news release dated June 19, 2015, Satori's board of directors has resolved to consolidate the share capital on the basis of one new Satori share being issued in return for each ten old Satori shares presently held. The financing terms disclosed in the news release of June 19, 2015 shall remain unamended.
As at today's date there are 60,903,500 shares of Satori issued and outstanding. By effecting a 10:1 share consolidation, Satori will have 6,090,350 shares outstanding. If the private placement offerings described above are fully subscribed, an additional 3,600,000 common shares will be issued, resulting in a total of 9,690,350 shares outstanding on a post consolidated and post financing basis. As at the date hereof, Satori has 5,025,000 stock options and 6,467,000 warrants outstanding.
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. Upon closing of the private placement the Company anticipates undertaking various initiatives including a new resource evaluation of the Tartan Lake Gold Mine Project, which is expected to be followed by a Preliminary Economic Evaluation of the entire project.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Bruce Reid
Chief Executive Officer, Satori Resources Inc.
C: (647) 500-4495
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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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