19:50:23 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Sonoro Metals Corp (2)
Symbol SMO
Shares Issued 42,469,317
Close 2020-07-23 C$ 0.26
Market Cap C$ 11,042,022
Recent Sedar Documents

Sonoro Metals arranges $5-million private placement

2020-07-23 11:16 ET - News Release

Mr. Kenneth MacLeod reports

SONORO METALS ANNOUNCES $5.0 MILLION UNIT PRIVATE PLACEMENT

Sonoro Metals Corp. will undertake a non-brokered private placement offering of up to 22,727,273 units at a price of 22 cents per unit for gross proceeds of up to $5-million. Each unit will comprise one Sonoro common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro common share for a period of three years from closing at an exercise price of 30 cents per share.

The company intends to pay finders' fees, as permitted under the policies of the TSX Venture Exchange, in respect of units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the offering will be subject to a four-month hold period in Canada from the closing date. The offering is subject to TSX-V acceptance.

The net proceeds from the offering will be used principally to finance Sonoro's previously announced exploration and development plans at its Cerro Caliche project, located in Sonora, Mexico, and project property maintenance payments, and secondarily for corporate and general administrative expenses.

"Upon completion of the financing, we intend to immediately commence the deeper drill program, as the requisite permits are in place and both our technical team and the drill crews are based in Hermosillo and do not require any cross-border travel," said Kenneth MacLeod, president and chief executive officer of Sonoro.

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