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Sonoro Metals Completes $750,060 Private Placement Financing
VANCOUVER, British Columbia, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” and the “Company”), announ
About this update from Sonoro Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 02, 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 4,167,000 units (the “Units”) at a price of $0.18 per Unit, for gross proceeds of $750,060 (the “Financing”), previously announced on June 17, 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 and expires in one year. In connection with the Financing, Sonoro entered into three finder’s fee agreements with arm’s length finders. Haywood Securities Inc. (“Haywood”) received 94,452 Units (equalling 7% of the total unit subscriptions received by Sonoro from subscribers introduced by Haywood) and 94,452 non-transferable finder’s warrants (“Finder’s Warrants”). Echelon Wealth Partners (“Echelon”) received 5,600 Units equalling 7% of the total unit subscriptions received by Sonoro from subscribers introduced by Echelon and 5,600 non-transferable finder’s warrants (“Finder’s Warrants”). PI Financial Corp. (“PI”) received 14,385 Units equalling 7% of the total unit subscriptions received by Sonoro from subscribers introduced by PI and 14,385 non-transferable finder’s warrants (“Finder’s Warrants”). (Haywood, Echelon and PI collectively named the “Finders”). Each Finder’s Warrant entitles the Finder to purchase one Share at a price of $0.27 and expires in one year. All securities issued in the Financing will be subject to a hold period expiring December 2, 2019. Sonoro now has 39,194,317 common shares issued and outstanding. 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 subscribers to the financing to the extent of approximately 13.5%. Sonoro is relying upon the formal valuation exemption in Section 5.5(a) of MI 61-101 and upon the minority approval exemption in Section 5.7(1) of MI 61-1...