Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it will undertake a non-brokered private placement offering (the “Offering”) consisting of up to 20,000,000 units (the “Units”) at a price of C$0.18 per Unit, for gross proceeds of up to C$3,600,000. Each Unit will be composed of one Sonoro common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro Common share for a period of two years from the closing at an exercise price of $0.30 per share.
The Company intends to pay finder’s fees, as permitted under the policies of the TSX Venture Exchange, in respect of Units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period in Canada from the closing date. The Offering is subject to TSX Venture Exchange acceptance.
The net proceeds from the Offering will be used to fund a 10,000-meter drilling campaign, commencing this month, at the Company’s Cerro Caliche Gold Project in Sonora, Mexico. Details on the drilling program were announced on October 25, 2021 and the construction of access roads and drill pads has been initiated. Proceeds from the Offering will also be used for concession maintenance and general working capital.
Sonoro’s Chairman of the Board, John Darch, stated, “The drilling program will proceed alongside the proposed development of a Heap Leach Mining Operation (HLMO) as outlined in the recently-completed Preliminary Economic Assessment (“PEA”). The objective of the drilling campaign is to expand the project’s oxide gold mineralization and target higher-grade, near-surface mineralization identified during a recent surface sampling program. Increasing the size and grade of the resource could potentially improve the economics of the project and extend operations.”
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: | “Kenneth MacLeod” |
Kenneth MacLeod | |
President & CEO |
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com