Business
Sorrento Resources Closes $375,000 Financing
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - SORRENTO RESOURCES LTD. (CSE: SRS) (OCTQB: SRSLF) (the "Company") is pleased to announce that, further to its news release dated April 21, 2025, it has closed a non-brokered private placement for total gross proceeds of $374,999.85 (the "Placement").The Company has allotted and issued 4,999,998 units (each, a "Unit") at a purchase price of $0.075 per Unit. Each Unit consists of one common share and one-half ...
About this update from Sorrento Resources Ltd.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - SORRENTO RESOURCES LTD. (CSE: SRS) (OCTQB: SRSLF) (the "Company") is pleased to announce that, further to its news release dated April 21, 2025, it has closed a non-brokered private placement for total gross proceeds of $374,999.85 (the "Placement").","length":337,"tagName":"p"},{"type":"text","content":"The Company has allotted and issued 4,999,998 units (each, a "Unit") at a purchase price of $0.075 per Unit. Each Unit consists of one common share and one-half of one transferable common share purchase warrant (each whole, a "Warrant"). Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.15 for a period of 36 months from the closing date.","length":408,"tagName":"p"},{"type":"text","content":"In relation to the Placement, the Company has paid finder's fees of $2,800 and issued 37,333 finder's warrants to an arm's-length party, entitling the holder to acquire one share at a price of $0.15 per share for a period of 36 months.","length":247,"tagName":"p"},{"type":"text","content":"The proceeds of the Placement will be utilized for exploration activities at the Lord Baron and Harmsworth projects, repayment of outstanding loans (see press release dated November 7, 2024) and general working capital purposes. All securities issued pursuant to the Placement are subject to a hold period expiring September 7, 2025.","length":333,"tagName":"p"},{"type":"text","content":"Current insiders of the Company have subscribed for 1,466,665 Units for gross proceeds of $109,999.87. The issuance of the Units to the insiders of the Company is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation by the insiders does exceed 25% of the fair market value of the Company's market capitalization.","length":636,"tagName":"p"},{"type":"text","content":"Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 3,000,000 Units pursuant to the Plac...