Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) announced that it is increasing the size of its previously announced non-brokered private placement to 20 million units, representing gross proceeds of C$4 million.
The company said the offering price will remain at $0.20 per unit.
Each unit will consist of one common share and one common share purchase warrant, with each warrant allowing the holder to purchase one additional common share over a three-year period at an exercise price of C$0.28 per share.
The company said the net proceeds from the placement will be used to support the ongoing development of its Cerro Caliche gold project in Sonora, Mexico, as well as for general working capital.