04:24:34 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Sonoro Metals Corp (2)
Symbol SMO
Shares Issued 42,469,317
Close 2020-07-31 C$ 0.26
Market Cap C$ 11,042,022
Recent Sedar Documents

Sonoro Metals adds overallotment option to placement

2020-07-31 18:16 ET - News Release

Mr. Kenneth MacLeod reports

SONORO METALS ANNOUNCES ADDITION OF $3.0 MILLION OVERALLOTMENT OPTION TO $5.0 MILLION UNIT PRIVATE PLACEMENT

In response to strong investor demand, Sonoro Metals Corp. is increasing its non-brokered private placement, first announced on July 23, by providing for an overallotment option of up to 60 per cent (13,636,364 units) over and above the 22,727,273 units previously announced. The offering price remains 22 cents per unit, each composed of 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 the closing at an exercise price of 30 cents per share. The offering, if fully subscribed, will yield gross proceeds of $5-million, with the potential to add up to $3-million of additional proceeds under the overallotment option.

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, including the overallotment option, is subject to TSX Venture Exchange 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.

About Sonoro Metals Corp.

Sonoro is a publicly listed mineral exploration and development company with two exploration-stage precious metal properties in Sonora state, Mexico. The company's current principal focus, under the leadership of its management team, with proven records for the discovery and development of natural resource deposits, is the pursuit of a dual-track strategy for its Cerro Caliche project -- developing a heap leach pilot operation, while continuing an aggressive exploration program to potentially expand the project's size.

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