Sonoro Completes $750,060 Private Placement Financing
August 02 2019 - 11:35AM
Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP),
(“Sonoro” and the “Company”), announces that the Company has
completed a non-brokered private placement of 4,167,000 units (the
“Units”) at a price of $0.18 per Unit, for gross proceeds of
$750,060 (the “Financing”), previously announced on June 17, 2019.
Each Unit consists of one common share and one-half of a common
share purchase warrant (each whole warrant, a “Warrant”). Each
Warrant entitles the holder thereof to purchase one common share of
Sonoro (a “Share”) at an exercise price of $0.27 and expires in one
year.
In connection with the Financing, Sonoro entered
into three finder’s fee agreements with arm’s length finders.
Haywood Securities Inc. (“Haywood”) received 94,452 Units
(equalling 7% of the total unit subscriptions received by Sonoro
from subscribers introduced by Haywood) and 94,452 non-transferable
finder’s warrants (“Finder’s Warrants”). Echelon Wealth Partners
(“Echelon”) received 5,600 Units equalling 7% of the total unit
subscriptions received by Sonoro from subscribers introduced by
Echelon and 5,600 non-transferable finder’s warrants (“Finder’s
Warrants”). PI Financial Corp. (“PI”) received 14,385 Units
equalling 7% of the total unit subscriptions received by Sonoro
from subscribers introduced by PI and 14,385 non-transferable
finder’s warrants (“Finder’s Warrants”). (Haywood, Echelon and PI
collectively named the “Finders”). Each Finder’s Warrant entitles
the Finder to purchase one Share at a price of $0.27 and expires in
one year.
All securities issued in the Financing will be
subject to a hold period expiring December 2, 2019. Sonoro now has
39,194,317 common shares issued and outstanding.
Pursuant to Multilateral Instrument 61-101 –
Protection of Minority Security Holder in Special Transaction (“MI
61-101”), which is incorporated by reference into the policies of
the TSX Venture Exchange under Policy 5.9, the above-described
Financing constitutes a “related party transaction” as a result of
certain directors and officers of Sonoro (the "Related Parties")
being subscribers to the financing to the extent of approximately
13.5%. Sonoro is relying upon the formal valuation exemption in
Section 5.5(a) of MI 61-101 and upon the minority approval
exemption in Section 5.7(1) of MI 61-101. Such exemptions are
available to Sonoro as, at the time the subject transaction was
agreed to, neither the fair market value of the subject matter of,
nor the fair market value consideration for the transaction,
insofar as it involves interested parties, exceeds 25% of Sonoro’s
market capitalization. As a related party transaction, the
foregoing additional disclosures are provided as required by
Section 5.2 of MI 61-101.
The Financing 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 MACLEOD |
|
President & CEO |
For further information, please contact:Sonoro
Metals Corp. - Corporate Communications: Bill Campbell – Tel: (604)
565-5609Email: 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.
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