Sonoro Gold increases private placement to $4-million

Executive Summary

• Sonoro Gold Corp. is increasing the size of its non-brokered private placement from the previously announced amount to 20 million units, raising gross proceeds of $4 million.
• The offering price remains at 20 cents per unit, with each unit consisting of one common share and one common share purchase warrant.
• Net proceeds will be utilized for the continuing development of the Cerro Caliche gold project in Sonora, Mexico, and for working capital.

Key Details

• Transaction Structure: Non-brokered private placement.
• Total Units: 20 million units.
• Gross Proceeds: $4,000,000.
• Price Per Unit: $0.20 CAD.
• Warrant Terms: Each unit includes one common share purchase warrant.
  • Exercise Price: $0.28 CAD per share.
  • Duration: Three years from the closing of the private placement.
  • Entitlement: One additional common share per warrant.
• Use of Proceeds: Financing the continuing development of the Cerro Caliche gold project and working capital.
• Hold Period: Four months plus one day from the closing date for all securities issued and issuable.
• Regulatory Status: Subject to TSX Venture Exchange acceptance.
• Finder’s Fees: The company intends to pay finders' fees to registered securities dealers as permitted by TSX Venture Exchange policies.

Notable Quotes

• No direct quotes from management were included in the provided text.