VANCOUVER, Canada, May 3, 2023 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it will undertake a non-brokered private placement offering (the “Offering”) consisting of up to 30,000,000 units (the “Units”) at a price of C$0.10 per Unit, for gross proceeds of up to C$3,000,000.
Each Unit will be composed of one Sonoro common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro common share for a period of two years from the closing of the private placement at an exercise price of C$0.15 per share.
The Company intends to pay finder’s fees, as permitted under the policies of the TSX Venture Exchange, in respect of Units placed with the assistance of registered securities dealers.
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 Offering is subject to TSX Venture Exchange acceptance.
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.
Kenneth MacLeod, President and CEO of Sonoro, commented, “In addition to funding the advancement of Cerro Caliche toward production, approximately 30% of the financing will be used for targeted infill drilling at the El Colorado and Guadalupe vein zones. As previously announced, our drilling campaign completed in May 2022 demonstrated multiple high-grade ore shoots within these vein zones returning intercepts as high as 46.5 grams of gold per tonne over 1.53 meters within a larger intercept of 27.43 meters averaging 5.36 grams of gold per tonne. Increasing the average grade at the El Colorado and Guadalupe vein zones may enhance the overall economics of the project.”
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.
On behalf of the Board of SONORO GOLD CORP.
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Forward-Looking Statement Cautions:
This press release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future exploration and development on the Cerro Caliche project, and future plans and objectives of the Company, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of the Company and its subsidiaries as a going concern, general economic and market conditions, mineral prices and the accuracy of Mineral Resource Estimates. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations include exploration and development risks associated with the Company’s projects, the failure to establish estimated Mineral Resources, volatility of commodity prices, variations of recovery rates, and global economic conditions. The forward-looking information contained in this release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.