VANCOUVER, Canada, December 3, 2014, Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO), announces that it has closed the private placement for 2,865,000 units (each a “Unit”) at a price of $0.105 per Unit for gross proceeds of $300,825, as first announced on November 21, 2014 and amended on November 25, 2014 (the “Offering”).
Each Unit is comprised of one common share and one common share purchase warrant (a “Warrant”) exercisable for a term of three years. Each Warrant entitles the holder to purchase one additional common share at a price of $0.15 per share during the first year following the closing, escalating to $0.20 per share in the second year and $0.25 per share in the third year, subject to the right of Sonoro to accelerate the expiry of the Warrants, if at any time after four months and one day from the closing, during the term of the Warrants, the common shares of Sonoro close at a price at or above $0.40 per share for more than 20 consecutive trading days. The securities issued in connection with the Offering are subject to a hold period expiring on April 4, 2015.
The proceeds from the Offering, together with the proceeds from the financings closed on November 20 and November 27, 2014, in the aggregate amount of $1.2 million, will be used for exploration expenditures on Sonoro’s Chipriona and San Marcial projects in Sonora State, Mexico, the Monroe project in British Columbia, and for general working capital purposes.
About Sonoro Metals Corp.
Sonoro Metals Corp. is an exploration and development company with a portfolio of exploration-stage properties located in the Mexican state of Sonora and in British Columbia, Canada. Sonoro has a skilled exploration team in Mexico, headed by Hermosillo-based Chief Geologist Melvin Herdrick, a professional geologist with over 35 years of experience, including 9 years as the Chief Geologist for Phelps Dodge in Mexico from 1994 to 2003 and 5 years as Vice President of Exploration for Pediment Gold Corp. until its takeover by Argonaut Gold Inc. in 2011. Sonoro’s technical team in Canada is spearheaded by professional geologist Stephen Kenwood, with over 20 years of experience in mineral exploration and development in British Columbia.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
President & CEO
For further information, please contact:
Sonoro Metals Corp. – Tel: (604) 632-1764