Satori Resources Inc (CVE:BUD) reported that it plans to close a non-brokered private placement financing for gross proceeds up to $1 million. Pursuant to the reported offering, the firm plans to issue up to over 5.882 million units at a price of $0.17/unit. Each unit will comprise of one common share in the capital and a unit warrant, each full unit warrant enabling the holder to buy one common share of the firm at a price of $0.30 for 30 months subsequent to closing of the offering.
During the period subsequent to 24 months from the completion date, the average trading price of the stock on the TSX Venture Exchange surpasses $0.60 per common Share for a period of 30 successive trading days, Satori Resources, at its option, within 5 business days after such 30-day period, hasten the Warrant Expiry Date by notice delivery to the registered holders thereof and releasing a press release and, in such case, this Warrant Expiry Date shall be considered to be 5:00 p.m. on the 30th day subsequent to the later of the date on which the ‘Acceleration Notice’ is sent to holders of warrant, and the issuance date of the Warrant Acceleration PR.
These proceeds will be used to develop the Satori’s Tartan Lake Gold Mine Assignment, in Flin Flon, Manitoba, and for general purposes. In pertaining with the offering, the firm may compensate finders’ fees to entitled finders in agreement with the rules of the TSX and such other supervisory authorities having authority, the particulars of which shall be pronounced at closing.
Closure of the offering is subject to receiving of TSX-V nod and other requisite nods. All of the securities issuable in association with the offering will be dependent to a hold period closing four months and one day following date of issuance.