- Sonoro Gold Corp. (SGO) will undertake a non-brokered private placement offering
- The offering consists of up to 17,000,000 units at a price of $0.18 per unit for gross proceeds will be up to $3,060,000
- Each unit will consist of one Sonoro common share and one common share purchase warrant
- Each warrant will entitle the holder to purchase one additional Sonoro common share for a period of two years from the closing at an exercise price of 0.30 per share
- The net proceeds from the offering will be used to fund the ongoing development of a proposed heap leach mining operation
- Sonoro Gold Corp. (SGO) opened trading at $0.18 per share
Sonoro Gold Corp. (SGO) has announced a non-brokered private placement for gross proceeds of up to $3,060,000.
The company will issue up to 17,000,000 units at a price of $0.18 per unit.
Each unit will consist of one common share and one common share purchase warrant.
Each warrant will entitle the holder to purchase one additional Sonoro common share for a period of two years from the closing at an exercise price of $0.30 per share.
All securities issued and issuable in connection with the offering will be subject to a 4-month hold period in Canada from the closing date.
The net proceeds from the offering will be used to fund the ongoing development of a proposed heap leach mining operation at the company’s Cerro Caliche gold project in Sonora, Mexico.
Funds will be allocated principally for permitting, land agreements, drilling and technical studies, and secondarily for corporate and general administrative expenses.
“The private placement will provide sufficient capital to complete several key steps in the development of the proposed mining operation including permitting, land agreements and condemnation drilling,” said Kenneth MacLeod, President and CEO of Sonoro.
“Furthermore, this financing will also allow us to start updating the project’s estimated resource and assessing the potential economic impact of the new drilling data on the proposed operation,” he added.
Sonoro Gold Corp. is an exploration and development company holding the near-development-stage Cerro Caliche Project and the exploration-stage San Marcial Project in Sonora State, Mexico.
Sonoro Gold Corp. (SGO) opened trading at $0.18 per share.