Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) reported that it has completed its previously announced oversubscribed, non-brokered private placement of 13.35 million company units, priced at C$0.15 per unit, raising gross proceeds of C$2 million.
The exploration and project development company said the net proceeds from the offering will be used to fund the ongoing development of its Cerro Caliche gold project in Mexico and for general working capital purposes.
Each unit of the private placement consisted of one Sonoro common share plus one common share purchase warrant, with each warrant entitling the holder to purchase one additional Sonoro common share for a period of two years from the closing of the private placement at an exercise price of C$0.22 per share.
Sonoro Gold noted that company insiders participated in the offering by subscribing for 906,667 units for gross proceeds of C$136,000.
The company added that it paid C$47,502.69 in finder’s fees and issued 316,685 in non-transferable finder’s warrants for a period of two years at an exercise price of $0.22 in connection with the offering.
All securities issued and issuable in connection with the offering are subject to a four-month plus one day hold period ending January 11, 2026.
The Cerro Caliche gold project is in the final permitting stage for a proposed open-pit, heap leach mining operation, according to the company.