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Sonoro Gold Announces Closing of Final Tranche of Non-brokered Private Placement
VANCOUVER, Canada, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce
About this update from Sonoro Gold Corp
[{"type":"text","content":" VANCOUVER, Canada, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement (the “Offering”) for additional gross proceeds of C$259,208. Together with the first and second tranches of the Offering, the Company issued 22,600,000 units (the “Units”) at a price of C$0.10 per Unit, for gross proceeds of C$2,260,000. Each Unit consists of one Sonoro common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional Sonoro common share for a period of two years from the closing of the private placement at an exercise price of C$0.15 per share. The net proceeds from the Offering will be used to fund the ongoing development of a proposed heap leach mining operation at the Company’s Cerro Caliche gold project in Sonora, Mexico. All securities issued and issuable in connection with the final tranche are subject to a 4-month, plus one day, hold period ending January 1, 2024. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final acceptance from the TSX Venture Exchange. Directors and Officers of the Company participated in the final tranche by subscribing for 92,080 Units for gross proceeds of C$9,208, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101, as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization. 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 properties 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...