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Sonoro Gold (TSXV:SGO) reports drill results from Cerro Caliche project
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  • Sonoro Gold Corp. (SGO) is increasing its non-brokered private placement
  • Proceeds of the placement will increase to C$3,000,000 through the exercise of an additional overallotment option
  • Each unit, priced at $0.18, includes one common share and one common share purchase warrant
  • Proceeds will be used primarily to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project in Sonora, Mexico
  • Sonoro Gold Corp. is a publicly listed exploration and development company
  • Sonoro Gold Corp. (SGO) is down 2.56 per cent, trading at $0.19 per share at 11 am ET

Sonoro Gold Corp. (SGO) is increasing its non-brokered private placement announced on March 29th.

The aggregate proceeds of the placement will increase to C$3,000,000 through the exercise of an additional overallotment option.

The offering price remains $0.18 per unit. Each unit includes one common share and one common share purchase warrant.

Each warrant will entitle the holder to purchase one additional common share for a period of two years from the date of closing for $0.30 per share.

The offering, if fully subscribed, will result in the issuance of 16,666,667 shares and 16,666,667 warrants.

Kenneth MacLeod, President and CEO of Sonoro, stated,

“The proceeds from the increased private placement will enable our technical teams to complete additional drilling, increasing the results available for consideration in an updated resource estimate, and additional scientific fieldwork and geological structural analysis which will be incorporated into the 43-101 technical report being prepared by Micon International.

No further equity financings are anticipated prior to completion of the Preliminary Economic Assessment by D.E.N.M. Engineering, anticipated in summer 2021, which will incorporate the metallurgical testing being conducted by McClelland Laboratories and the 43-101 technical report by Micon.”

The company intends to pay finder’s fees as permitted for units placed with the assistance of registered securities dealers. All securities issued in conjunction with the offering will be subject to a 4-month hold period from the closing date.

The offering, including the over-allotment option, is subject to TSX Venture Exchange acceptance.

Proceeds will be used primarily to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project in Sonora, Mexico and for corporate and general administrative expenses.

Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico.

Sonoro Gold Corp. (SGO) is down 2.56 per cent, trading at $0.19 per share at 11 am ET.

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