Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA:
23SP) (“Sonoro” or the “Company”) is pleased to announce that it
has closed the final tranche of its over-subscribed non-brokered
private placement (the “Offering”) for additional gross proceeds of
C$616,079. Together with the first tranche of the Offering, the
Company issued 23,350,009 units (the “Units”) at a price of C$0.05
per Unit, for gross proceeds of C$1,167,500.
Each Unit consists of one Sonoro common share
and one common share purchase warrant. Each warrant entitles the
holder thereof to purchase one additional Sonoro common share for a
period of three years from the closing of the private placement at
an exercise price of C$0.07 per share.
The net proceeds from the Offering will be used
to fund the ongoing development of the Company’s Cerro Caliche gold
project in Sonora, Mexico.
In connection with the Offering, the Company
paid $5,950 in Finder’s fees and issued 77,000 in non-transferable
three-year Finder’s Warrants at an exercise price of $0.07 and
42,000 non-transferable two-year Finder’s Warrants at an exercise
price of $0.05 for a total of 119,000 Finder’s Warrants.
All securities issued and issuable in connection
with the Final Tranche are subject to a 4-month plus one day hold
period ending July 29, 2024. The Offering has received conditional
acceptance from the TSX Venture Exchange but remains subject to
receipt of final acceptance from the TSX Venture Exchange.
Directors and Officers of the Company
participated in the final tranche by subscribing for 4,983,500
Units for gross proceeds of C$249,175, constituting a related party
transaction pursuant to TSX Venture Exchange Policy 5.9 and
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). The Company relied
on Section 5.5(a) of MI 61-101 for an exemption from the formal
valuation requirement and Section 5.7(1)(a) of MI 61-101 for an
exemption from the minority shareholder approval requirement of MI
61-101, as the fair market value of the transaction did not exceed
25% of the Company’s market capitalization.
About the Cerro Caliche Gold
ProjectExploration to date at the 1,400-hectare property
confirms a broadly mineralized low-sulphidation epithermal vein
structure and over 25 northwest-trending gold mineralized zones
along trend and near surface. With only 30% of the property’s
identified mineralized zones drilled and assayed, the Company filed
an updated Mineral Resource Estimate (MRE) in March 2023 based on a
total 55,360 meters of drilled data, including 498 drill holes, 17
trenches and assays for 53,865 meters of the drilled data.
In October 2023, the Company filed a new
Preliminary Economic Assessment (PEA) demonstrating the potential
viability for a 9-year open pit, heap leach mining operation. Using
a gold price of US $1,800 per ounce, the project has an after-tax
net present value discounted at 5% (“NPV5”) of US $47.7M and an
Internal Rate of Return (“IRR”) of 45%. Using a gold price of US
$2,000 per ounce, the project has an after-tax NPV5 of US $77M and
an IRR of 63%.
The PEA was prepared in accordance with the
requirements of National Instrument 43-101 by D.E.N.M. Engineering
Ltd. and Micon International Limited with confirmation of the
applicable resource estimates prepared by SRK Consulting (U.S.)
Inc.
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.
Keep up-to-date on Sonoro developments and join
our online communities on X, Facebook, LinkedIn, Instagram and
YouTube.
On behalf of the Board of SONORO GOLD
CORP.Per: “Kenneth MacLeod”
Kenneth MacLeod President
& CEO
For further information, please contact: Sonoro
Gold Corp. - Tel: (604) 632-1764 Email: info@sonorogold.com
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 Cerro Caliche project, and future plans
and objectives of the Company, constitute forward looking
information that involve various risks and uncertainties, including
statements regarding the amount of financing proposed to be raised,
intended use of the financing proceeds, sufficiency of fund to
complete certain project development steps, and outlook for the
results of the contemplated drilling program. 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 possibility of unfavorable exploration and test
results, the lack of sufficient future financing to carry out
exploration and development plans and unanticipated changes in the
legal, regulatory and permitting requirements for the Company’s
exploration programs. 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.
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.
Sonoro Gold (TSXV:SGO)
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