Sorrento Resources Closes Listed Issuer Financing Exemption (LIFE) Non-Brokered Private Placement

Executive Summary

• Sorrento Resources Ltd. closed a non‑brokered private placement of 7,500,000 units at CDN $0.25 per unit, generating gross proceeds of CDN $1,875,000.
• Each unit consists of one common share and one common share purchase warrant (exercise price $0.35, 24‑month term).
• Net proceeds are earmarked for exploration expenditures, marketing & promotion, and general working capital.

Key Details

• Units sold: 7,500,000 units at CDN $0.25 per unit → Gross proceeds: CDN $1,875,000.
• Unit composition: 1 common share + 1 common share purchase warrant.
• Warrant terms: Exercise price $0.35 per share; exercisable for 24 months, expiring March 2 2028.
• Financing exemption: Completed under the listed issuer financing exemption (NI 45‑106) and Coordinated Blanket Order 45‑935; purchasers excluded Quebec residents.
• Finder’s fees paid: CDN $23,000.
• Broker warrants issued: 84,000 non‑transferable broker warrants, each exercisable at $0.35 per share for 24 months, expiring March 2 2028.
• Use of proceeds: Primarily for exploration activities, marketing and promotion efforts, and general working capital.

Notable Quotes

(No direct quotes were included in the release.)