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Sonoro Metals Closes $500,000 Private Placement Financing
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. VANCOUVER, Br
About this update from Sonoro Gold Corp
[{"type":"text","content":" THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” and the “Company”), announces that the Company has completed a non-brokered private placement of 5,000,000 units (the “Units”) at a price of $0.10 per Unit, for gross proceeds of $500,000 (the “Financing”), previously announced on October 15, 2018. Each Unit consists of one share and one non-transferable share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to purchase one additional common share at an exercise price of $0.15 per Warrant share for two years, subject to the right of Sonoro to accelerate the expiry of the Warrants, if at any time after April 30, 2019, its common shares close at a price at or above $0.30 per share (as quoted on the TSX Venture Exchange or such other securities exchange on which the Company’s shares are then quoted or listed for trading) for more than 20 consecutive trading days. Sonoro may, within five days of the occurrence of such acceleration event, provide notice to the holders of the Warrants that the Warrants will expire early, namely 30 calendar days after the date of such notice. No finders’ fees were paid in connection with the financing. All securities issued in the Financing will be subject to a hold period expiring March 1, 2019. Sonoro now has 30,027,586 common shares issued and outstanding. \"We experienced very strong demand for the Financing and are pleased that our investors are very supportive of our focus on the exploration programs in Mexico,” said Kenneth MacLeod, President and CEO of Sonoro. “Proceeds from the Financing will be applied toward future exploration programs at Cerro Caliche should results from the recently initiated drilling program support such an action.” Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holder in Special Transaction (“MI 61-101”), which is incorporated by reference into the policies of the TSX Venture Exchange under Policy 5.9, the above-described Financing constitutes a “related party transaction” as a result of certain directors and officers of Sonoro (the \"Related Parties\") being subscribe...