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Replies to post #273 on Canadian Gold Corp (STRRF)
Satori Resources Inc. has closed the final tranche of its private placement offering (first tranche announced on Nov. 22, 2018) for additional gross proceeds of $130,000. In total, the company raised $770,000 by the issuance of a total of 15.4 million units at a price of five cents per unit. Each unit comprises one common share and one full purchase warrant entitling the holder to acquire one common share at a price of six cents for a period of 36 months from issuance. All securities issued are subject to a four-month hold period from the date of issuance.
Officers and directors of the company subscribed for 4.1 million of the units, for gross proceeds of $205,000 (26 per cent). Securities acquired by insiders shall be held in escrow pending final approval from the TSX Venture Exchange.
Upon completion of the private placement offering, Bruce Reid and Carl Hansen submitted their resignations as directors of the company, and Jennifer Lomax was appointed a director of the company. Ms. Lomax is a senior marketer and management consultant. In 2018, Ms. Lomax co-founded Strataline Experts Ltd., a consulting firm that works with executive teams to clarify strategy, drive organization alignment, and increase team and individual effectiveness. Ms. Lomax holds an HBA and an MBA from the Richard Ivey School of Business.
The proceeds of the offering shall be used for general working capital and assessing potential transactions. All of the securities issuable in connection with each tranche of the offering are subject to a hold period expiring four months and one day after date of issuance.
