-- Sonoro Gold (SGO.V) closed its previously announced oversubscribed, non-brokered private placement of around 50.83 million units at $0.24 per unit, for gross proceeds of C$12.2 million, said the company on Monday.
Each unit consists of one Sonoro common share and one common share purchase warrant, and 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$0.32 per share, said the company.
Insiders of the company participated in the offering by subscribing for around 15.65 million units for gross proceeds of around $3.75 million.
Net proceeds will be used to complete a two phase 50,000-meter drilling program at the company's flagship Cerro Caliche gold project in Sonora, Mexico, said the company.
The offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final acceptance from the TSX Venture Exchange, added the company.