Orix Geoscience Inc.

Orix Geoscience Inc.

November 13, 2015 18:45 ET

Orix Geoscience Inc. Announces Acquisition of Common Shares and Warrants of Satori Resources Inc.

TORONTO, ONTARIO--(Marketwired - Nov. 13, 2015) - Orix Geoscience Inc. ("Orix") announced today that it acquired 600,000 non-flow-through units ("Units") of Satori Resources Inc. ("Satori") pursuant to a private placement which closed on August 11, 2015, as further described in Satori's news release dated August 11, 2015 (the "Private Placement"). The 600,000 Units were acquired by Orix at a price of $0.05 per Unit, for aggregate gross proceeds to Satori of $30,000. Each Unit is comprised of one common share ("Common Share") and one purchase warrant ("Warrant") entitling the holder thereof to purchase one Common Share at a price of $0.05 per Common Share for a period of five years. The 600,000 Common Shares forming part of the Units acquired by Orix represent approximately 6.26% of the issued and outstanding Common Shares on a non-diluted basis (or approximately 11.78% of the Common Shares on a partially diluted basis after giving effect to the exercise of the Warrants forming part of the Units acquired by Orix).

After giving effect to the Private Placement, Orix has ownership and control of 600,000 Common Shares and 600,000 Warrants, representing approximately 6.26% of the issued and outstanding Common Shares on a non-diluted basis (or approximately 11.78% of the Common Shares on a partially diluted basis after giving effect to the exercise of all Warrants owned by Orix).

Orix acquired the Units for investment purposes and not for the purpose of exercising control or direction over Satori. Orix may acquire additional securities or dispose of some or all of its existing securities according to market conditions and other relevant factors in the future.

An Early Warning Report reflecting the above-noted acquisition of Common Shares has now been filed, a copy of which is available on SEDAR at www.sedar.com.

Contact Information