Sonoro Gold Corp. (SMOFF)

[lawrenzo]

Sonoro Proposes $750,000 Private Placement Financing

9:00 AM ET, 06/17/2019 - GlobeNewswire
VANCOUVER, British Columbia, June 17, 2019 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” and the “Company”), announces that the Company proposes to undertake a non-brokered private placement of up to 4,167,000 units (the “Units”) at a price of $0.18 per Unit, for gross proceeds of up to $750,060 (the “Offering”). Each Unit will consist of one common share and one-half of a common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of Sonoro at an exercise price of $0.27 during the one year following the closing of the Offering. The Company may pay a finder’s fee or commission on a portion of the Offering.
Directors, officers and insiders may participate in the Offering. Any such participation will be considered to be a “related-party transaction”, within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions of the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1) of MI 61-101 in respect of such participation by related parties.
The net proceeds from the Offering will primarily be used by Sonoro to complete the current Phase Two drilling program and fund the launch of a Phase Three drilling program at the Cerro Caliche project in Sonora, Mexico. Funding will also be allocated for the commissioning of preliminary studies required to produce a NI 43-101 compliant study to assess the viability of the development of a heap leach operation at Cerro Caliche.
All securities issued in connection with the Offering will be subject to a hold period expiring four months and one day following the closing of the Offering. The Offering is subject to final acceptance by the TSX Venture Exchange.
About Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO METALS CORP.
Per:
“Kenneth MacLeod”KENNETH MACLEODPresident & CEO
For further information, please contact:Sonoro Metals Corp. - Corporate Communications: Bill Campbell – Tel: [phone] / Email: [e-mail]