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Sonoro Metals Completes $650,718 Private Placement Financing
This press release, required by applicable Canadian laws, is not for distribution to U.S. newswire services or for dissemination in the United States VANCOUVER,
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. newswire services or for dissemination in the United States VANCOUVER, British Columbia, April 03, 2019 (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 3,615,104 units (the “Units”) at a price of $0.18 per Unit, for gross proceeds of $650,718 (the “Financing”), previously announced on March 18, 2019. Each Unit consists of one common share and one-half of a common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one common share of Sonoro (a “Share”) at an exercise price of $0.27 for one year. In connection with the Financing, Sonoro entered into two finder’s fee agreements with arm’s length finders. Haywood Securities Inc. (“Haywood”) received 60,690 Units (equalling 7% of the total unit subscriptions received by Sonoro from subscribers introduced by Haywood) and 30,345 non-transferable finder’s warrants (“Finder’s Warrants”). Canaccord Genuity Corp. (“Canaccord” and together with Haywood, the “Finders”) received 7,000 Units (equalling 7% of the total unit subscriptions received by Sonoro from subscribers introduced by Canaccord) and 3,500 Finder’s Warrants. Each Finder’s Warrant entitles the Finder to purchase one Share at a price of $0.27 for one year. All securities issued in the Financing will be subject to a hold period expiring August 3, 2019. Sonoro now has 34,812,880 common shares issued and outstanding. “Following the success of our Phase One drill program at the Cerro Caliche gold project in Sonora, Mexico, we immediately proceeded with Phase Two,” said Kenneth MacLeod, President and CEO of Sonoro. “The proceeds of the financing will be applied toward the continuation of the Phase Two drill program, with assay results from the first fifteen holes due before the end of April.” 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 dire...