Source: Sonoro Gold.
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  • Sonoro Gold Corp. (SGO) has closed its upsized,previously announced non-brokered private placement for gross proceeds of $3,007,500
  • The company issued a total of 20,050,000 units priced at $0.15 per unit
  • The net proceeds will be used to fund the ongoing development of a proposed heap leach mining operation at the Cerro Caliche gold project in Sonora, Mexico
  • Sonoro Gold is an exploration and development company
  • Sonoro Gold Corp. (SGO) opened trading at C$0.145

Sonoro Gold Corp. (SGO) has closed its upsized private placement for gross proceeds of $3,007,500.

The company issued a total of 20,050,000 units priced at $0.15 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of two years from the closing date.

All securities issued will be subject to a four-month hold period ending October 31, 2022.

The company entered into finder’s fee agreements with Haywood Securities Inc., PI Financial Corp., Research Capital Corporation and iA Private Wealth inc. The company paid a total of $36,599.49 in finder’s fees and issued 243,997 in non-transferable finder’s warrants.

The net proceeds will be used to fund the ongoing development of a proposed heap leach mining operation at the Cerro Caliche gold project in Sonora, Mexico.

Sonoro’s President and CEO, Kenneth MacLeod commented on the capital raise.

“We are pleased with the reception this financing has received from investors as it allows us to continue with the development of the Cerro Caliche gold project. We are currently in the permitting phase and anticipate announcing soon an updated NI 43-101 resource estimate that will include the new geological data from our recently completed drilling program. The economic impact of the updated resource on the proposed mine will be contemplated in a further technical report.”

Sonoro’s Chairman, John Darch, added,
“It has been a very challenging market for raising capital and I would like to express my gratitude to our investors for their continued confidence in both our management team and our Cerro Caliche Project.”

Sonoro Gold is an exploration and development company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico.

Sonoro Gold Corp. (SGO) opened trading at C$0.145.

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