Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) said on Tuesday it has secured a fully committed C$4 million non-brokered private placement to help advance development of its Cerro Caliche gold project in Mexico.
The Vancouver-based company plans to issue 20 million units priced at C$0.20 each, with each unit consisting of one common share and one warrant. Each warrant will allow the holder to buy an additional share at C$0.28 for a period of three years.
Proceeds from the financing will be used to advance the company’s development stage Cerro Caliche gold project in Sonora state, Mexico, as well as for general working capital purposes.
The company also has the exploration-stage San Marcial project in its portfolio.
The financing is expected to close on or about December 22, subject to acceptance by the TSX Venture Exchange. Sonoro said no finder’s fees will be paid in connection with the offering.