Sonoro Proposes $500,000 Private Placement Financing
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Oct. 15, 2018 (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 5,000,000 units (the “Units”) at a price of $0.10 per Unit, for gross proceeds of up to $500,000 (the “Offering”). Each Unit will consist of one share and one non-transferable share purchase warrant exercisable for a term of 2 years (the “Warrants”). Each Warrant will entitle the holder thereof to purchase one common share of Sonoro at an exercise price of $0.15 per Warrant share during the two years following closing of the Offering, subject to the right of Sonoro to accelerate the expiry of the Warrants, if at any time after six months and one day from the issue date of the Warrants, during the term of the Warrants, the common shares of Sonoro close at a price at or above $0.30 per share for more than 20 consecutive trading days. There are no finders’ fees being paid in connection with the Offering.
Directors, officers and insiders may participate in the financing. 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 valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1) of MI 61-101 in respect of such participation.
The net proceeds from the Offering will be primarily used by Sonoro for exploration expenditures on the Cerro Caliche project in Sonora, Mexico and for general working capital purposes. All securities issued in connection with the Offering will be subject to a hold period expiring four months and one day following closing of the Offering. The Offering is subject to acceptance by the TSX Venture Exchange.
About Sonoro Metals Corp.
Sonoro Metals Corp. is an exploration and development company with two precious metals properties in Sonora, Mexico and one in Alaska, USA. Sonoro’s skilled exploration team in Mexico is headed by Hermosillo-based geologist Melvin Herdrick, with 45 years of mine related experience, including 10 years as Chief Geologist for Phelps Dodge, Mexico and 7 years as Vice President, Exploration for Pediment Gold in Mexico until its takeover by Argonaut Gold in 2011. Sonoro’s Chief Geologist and Qualifying Person is Stephen Kenwood, with over 20 years of experience in mineral exploration and development.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
KENNETH MACLEOD
President & CEO
For further information, please contact:
Sonoro Metals Corp. - Corporate Communications:
Bill Campbell – Tel: (604) 565-5609
Email: bill@sonorometals.com
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
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.
