Sonoro Metals Announces $5.0 Million Unit Private Placement
July 23 2020 - 9:00AM
Sonoro Metals Corp. (TSXV: SMO | 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 22,727,273 units (the “Units”) at
a price of C$0.22 per Unit, for gross proceeds of up to
C$5,000,000. Each Unit will be comprised 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 three years from the closing at an
exercise price of $0.30 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
principally to fund Sonoro’s previously announced exploration and
development plans at its Cerro Caliche Project located in Sonora,
Mexico and project property maintenance payments, and secondarily
for corporate and general administrative expenses.
“Upon completion of the financing, we intend to
immediately commence the deeper drill program, as the requisite
permits are in place and both our technical team and the drill
crews are based in Hermosillo and do not require any cross-border
travel,” said Kenneth MacLeod, President and CEO of Sonoro.
About Sonoro Metals Corp.Sonoro
is a publicly listed mineral exploration and development company
with two exploration stage precious metal properties in Sonora
State, Mexico. The Company’s current principal focus, under
the leadership of its management team, with proven track records
for the discovery and development of natural resource deposits, is
the pursuit of a dual-track strategy for its Cerro Caliche Project
– developing a heap leach pilot operation, while continuing an
aggressive exploration program to potentially expand the project’s
size.
On behalf of the Board of SONORO METALS
CORP.
Per: |
“Kenneth MacLeod” |
|
Kenneth MacLeod |
|
President & CEO |
For further information, please contact:Sonoro
Metals Corp. - Tel: (604) 632-1764 Email: info@sonorometals.com
Forward-Looking Statement
Cautions:
This press release contains certain
"forward-looking statements" within the meaning of Canadian
securities legislation, relating to, among other things: (i) the
proposed development and financing of the Company’s exploration and
development plans for its Cerro Caliche Project, including the
development of a heap leach pilot operation; and (ii) the Company’s
intention to undertake a Unit private placement financing. Although
the Company believes that such statements are reasonable based on
current circumstances, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements
are statements that are not historical facts; they are generally,
but not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects,"
"aims," "potential," "goal," "objective," "prospective," and
similar expressions, or that events or conditions "will," "would,"
"may," "can," "could" or "should" occur, or are those statements,
which, by their nature, refer to future events. The Company
cautions that forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made and they involve a number of risks and
uncertainties, including the risks that the Company will not be
able to successfully sell any or all of the Units; the Company will
not be able otherwise to secure the financing necessary to fund its
proposed exploration and development of its Cerro Caliche Project,
or to fund its other project exploration and development business;
future exploration results will be unfavourable and will not
support the proposed plan to build a heap leach pilot operation or
justify further exploration efforts; equipment failures, accidents,
or external problems (e.g. civil unrest, public health emergencies)
may materially increase the Company’s business expenses or delay
(or prevent altogether) the execution of the Company’s business
plans; and unanticipated changes in the legal, regulatory and
permitting requirements for the Company’s mineral exploration
programs and development plans for its projects, at present, all of
which are located in Mexico, may prevent the Company from carrying
out some or all of its business plans.
There can be no assurance that such statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. 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 for further
information regarding the Company’s business and the risks
associated therewith.
“This press release does not constitute
or form a part of any offer or solicitation to purchase or
subscribe for securities in the United States. The securities
referred to herein have not been and will not be registered under
the Securities Act of 1933, as amended (the “Securities Act”), or
with any securities regulatory authority of any state or other
jurisdiction in the United States, and may not be offered or sold,
directly or indirectly, within the United States or to, or for the
account or benefit of, U.S. persons, as such term is defined in
Regulation S under the Securities Act (“Regulation S”), except
pursuant to an exemption from or in a transaction not subject to
the registration requirements of the Securities Act.”
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.
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