Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) announced a fully committed, non-brokered private placement offering of 14 million units at C$0.05 for gross proceeds of C$700,000.
The proceeds of the offering will be used to fund ongoing development at Sonoro Gold’s Cerro Caliche gold project in Sonora, Mexico, as well as working capital.
Each unit will be composed of a share and a share purchase warrant entitling the holder to purchase an addition share at C$0.07 for three years from the closing of the private placement.
Certain directors and officers are expected to participate in the offering.
Sonoro Gold is an exploration and development company that holds the development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico.