The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
A private placement offering will bring a junior miner up to $155,000 for its eventual goal of restarting the Tartan Lake gold mine outside Flin Flon. Toronto-based Satori Resources this week announced a non-brokered private placement offering for gross proceeds of as much as $155,000. Proceeds from the offering will be used for ongoing evaluation of the long-idle Tartan Lake mine, reprocessing of tailings at the mine and for general working capital purposes, Satori said. The offering will comprise the sale of units at a price of one cent each. Each unit will consist of one common share in the capital of the company and one full non-transferable common share purchase warrant. Each warrant will entitle the holder to acquire one full common share at a price of five cents at any time within 12 months from issuance, and thereafter, at a price of 10 cents until the expiry of four years from issuance, subject to accelerated expiry provisions. The offering is subject to specific conditions, as well as approval by the TSX Venture Exchange and any other applicable securities legislation. Satori holds a 100 per cent interest in the Tartan Lake mine, which produced 48,000 ounces of gold between 1987 and its closure in 1989. Located about 12 kilometres outside Flin Flon, the property includes a largely intact gold concentrator, related infrastructure and a decline providing access to developed mining blocks within the Main and South zones to a vertical depth of 320 metres. Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Satori. _ Compiled from a Satori Resources news release, with files from The Reminder archives
