Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) is raising C$525,000 through a non-brokered private placement as it continues work on its Cerro Caliche gold project in Sonora, Mexico.
The Vancouver-based company said Wednesday it plans to issue 3.5 million units at $0.15 each.
Each unit includes one common share and one warrant, with each warrant allowing the holder to buy an additional share at $0.22 for two years following the closing date.
The proceeds will be used to fund the ongoing development of Cerro Caliche and for general working capital. The financing remains subject to approval from the TSX Venture Exchange.