SONORO GOLD ANNOUNCES CLOSING OF OVERSUBSCRIBED $12.2M PRIVATE PLACEMENT
Sonoro Gold Corp. (TSX-V: SGO) (OTCQB: SMOFF) (FRA: 23SP) is pleased to announce that it has closed its previously announced oversubscribed, non-brokered private placement of 50,833,334 units at $0.24 per unit, for gross proceeds of CAD $12,200,000. Each Unit consists of one Sonoro common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional Sonoro common share for a period of three years from the closing of the private placement at an exercise price of CAD $0.32 per share.
No finder fees were paid in connection with the Offering.
All securities issued and issuable in connection with the Offering are subject to a 4-month plus one day hold period ending August 25, 2026. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final acceptance from the TSX Venture Exchange.
Insiders of the Company participated in the Offering by subscribing for 15,652,834 Units for gross proceeds of $3,756,680, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101, as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
As previously announced, net proceeds of the Offering will be used to complete a two phase 50,000-meter drilling program at the Company’s flagship Cerro Caliche gold project in Sonora, Mexico. The program will focus on infill drilling to further explore larger intervals of higher-grade gold mineralization identified in prior drilling campaigns. Expansion drilling is also scheduled at the recently acquired northern extensions to confirm potential structural continuity of the project’s northwest trending mineralized corridors.
The 50,000-meter reverse circulation drilling campaign will proceed alongside the proposed development of an open-pit, heap leach mining operation currently in the permitting phase for an initial 10-year production at a projected capacity of up to 16,000 tonnes per day.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the development-stage Cerro Caliche project and the exploration-stage San Marcial project 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.
