Sonoro Proposes $750,000 Private Placement Financing
June 17 2019 - 9:00AM
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 4,167,000
units (the “Units”) at a price of $0.18 per Unit, for gross
proceeds of up to $750,060 (the “Offering”). Each Unit will
consist of one common share and one-half of a common share purchase
warrant (each whole warrant, a “Warrant”). Each Warrant will
entitle the holder thereof to purchase one common share of Sonoro
at an exercise price of $0.27 during the one year following the
closing of the Offering. The Company may pay a finder’s fee
or commission on a portion of the Offering.
Directors, officers and insiders may participate
in the Offering. 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 formal valuation and minority shareholder approval requirements
of MI 61-101 contained in Sections 5.5(a) and 5.7(1) of MI 61-101
in respect of such participation by related parties.
The net proceeds from the Offering will
primarily be used by Sonoro to complete the current Phase Two
drilling program and fund the launch of a Phase Three drilling
program at the Cerro Caliche project in Sonora, Mexico. Funding
will also be allocated for the commissioning of preliminary studies
required to produce a NI 43-101 compliant study to assess the
viability of the development of a heap leach operation at Cerro
Caliche.
All securities issued in connection with the
Offering will be subject to a hold period expiring four months and
one day following the closing of the Offering. The Offering is
subject to final acceptance by the TSX Venture Exchange.
About Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed
exploration and development company with a portfolio of
exploration-stage precious metal properties 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 METALS
CORP.
Per: |
“Kenneth
MacLeod”KENNETH MACLEODPresident & CEO |
For further information, please contact:Sonoro
Metals Corp. - Corporate Communications: Bill Campbell – Tel: (604)
565-5609 / Email: bill@sonorometals.com
Forward-Looking Statement
Cautions:This press release contains certain
"forward-looking statements" within the meaning of Canadian
securities legislation, including statements regarding the
completion of a proposed Offering and the use of the Offering
proceeds to further explore the Company’s Cerro Caliche project.
Although the Company believes that such statements are reasonable,
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. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Except to the extent required by
applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include the inability of the Company to
secure sufficient subscriptions to complete the Offering, the risk
of accidents and other risks associated with mineral exploration
operations, the risk that the Company will encounter unanticipated
geological factors, or the possibility that the Company may not be
able to secure permitting and other governmental clearances,
necessary to carry out the Company's exploration plans, and the
risk of political uncertainties and regulatory or legal changes in
the jurisdictions where the Company carries on its business that
might interfere with the Company's business and prospects. The
reader is urged to refer to the Company's reports, publicly
available through the Canadian Securities Administrators' System
for Electronic Document Analysis and Retrieval (SEDAR) at
www.sedar.com for a more complete discussion of such risk factors
and their potential effects
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.
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