A junior miner hoping to one day reopen the Tartan Lake gold mine now has more money to play with.
Toronto-based Satori Resources announced this week the closing of a non-brokered private placement offering with gross proceeds of $174,750.
Satori said it issued 2,795,000 non-flow-through units at a price of five cents per share for a period of five years. That brought net proceeds of $139,750.
The company also increased the amount of flow-through units issued, netting another $35,000.
“The funds raised pursuant to the offering will be used by the Company to finance Canadian projects and for working capital,” Satori said in a news release issued Tuesday, August 11.
Satori lists the long-idle Tartan Lake mine outside Flin Flon as its primary property.
“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,” read the company’s release.
In 2014 Satori was the subject of reports that it intended to grow medicinal marijuana inside the Tartan Lake mine, but nothing of the sort ever happened.
Satori shares were selling for a nickel apiece on Wednesday.
Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Satori.
