Sonoro Gold Secures Significant Funding with Private Placement
Exciting Financial Developments at Sonoro Gold Corp.
Located in Vancouver, Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) has announced a successful private placement that exceeded expectations. This recent fundraising effort involved the issuance of 13,350,000 units at an offering price of $0.15 per unit, generating an impressive CAD $2,002,500 in total gross proceeds.
Details of the Private Placement
Offering Composition
Each unit issued in this oversubscribed offering provides investors with one common share of Sonoro and one purchase warrant. These warrants give holders the right to acquire an additional common share at an exercise price of CAD $0.22 within a two-year timeframe from the date of closing.
Investment Facilitation and Insider Participation
As part of the overall offering structure, the company compensated investors with finder’s fees totaling $47,502.69. Additionally, it issued 316,685 non-transferable warrants to these finders, also exercisable at $0.22 for two years. Notably, insiders of Sonoro participated by purchasing a total of 906,667 units, raising $136,000, which is defined as a related party transaction under certain Venture Exchange policies.
Use of Proceeds and Project Development
The funds acquired from this placement are earmarked for ongoing development of the Cerro Caliche gold project located in Sonora, Mexico. Expected advancements include moving forward with the final stages of permitting for a proposed open-pit, heap leach operation. This project holds significant promise, and the recent funding will bolster its future prospects.
About Sonoro Gold Corp.
Sonoro Gold Corp. is recognized as a pivotal exploration and development company focused on the entire lifecycle of precious metal project development. With its Cerro Caliche project in advanced stages and the exploration-stage San Marcial project also in its portfolio, Sonoro is positioned strongly in the mining sector. The experienced management team has a track record of successfully bringing natural resource deposits from exploration into operational stages.
Connecting with Sonoro Gold Corp.
Interested stakeholders can stay informed about Sonoro’s latest news and developments through various online platforms. Join the conversation on X, Facebook, LinkedIn, Instagram, and YouTube, where they regularly update their followers. Subscribers can also sign up for direct email updates to receive the latest news and insights delivered right to their inbox.
Leadership and Transparency
The company is led by Kenneth MacLeod, who serves as President and CEO. Under his guidance, Sonoro Gold is making strides not only in project development but also in maintaining transparency with its investors and stakeholders.
Frequently Asked Questions
What is the purpose of the private placement by Sonoro Gold?
The private placement aims to secure funding for the ongoing development of the Cerro Caliche gold project and general working capital requirements.
How many units were issued in the private placement?
Sonoro Gold issued a total of 13,350,000 units during the private placement.
What is the exercise price for the purchase warrants?
The warrants have an exercise price set at CAD $0.22 per share.
Who participated in the private placement?
Insiders of Sonoro Gold participated, acquiring 906,667 units, which constitutes a related party transaction.
What is the expected use of funds from the placement?
Funds raised will be allocated to the Cerro Caliche project’s development and for general operational purposes within the company.
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