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Sonoro Gold Announces $10 Million Private Placement

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Sonoro Gold (SGO.V) announced Wednesday a non-brokered private placement offering consisting of 40 million units at a price of C$0.25 each, for gross proceeds of C$10 million.

Each unit will consist of one common share and one common share purchase warrant, said the company, adding that each warrant will entitle the holder thereof to purchase one additional common share of the company for a period of three years from the closing of the private placement at an exercise price of C$0.34 per common share.

Insiders of the company will participate in the offering for approximately 4 million units for gross proceeds of $1 million, it added.

The net proceeds will be used to advance the on-going development of the company's Cerro Caliche gold project in Sonora, Mexico as well as general working capital.

The offering is subject to TSX Venture Exchange acceptance.

Shares were last seen down $0.01 at $0.25 on the TSX Venture Exchange.

Price: $0.25, Change: $-0.01, Percent Change: -3.85%

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