Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) has closed an oversubscribed, non-brokered private placement for gross proceeds of $624,110.
The company offered more than 4.1 million units, each consisting of one common share and one share purchase warrant, at a price of $0.15 each. Warrants entitle their holder to purchase an additional share for $0.225.
Net proceeds from the offering will be used to fund the company’s ongoing development of a proposed heap leach mining operation at its Cerro Caliche gold project in Sonora, Mexico, Sonoro Gold said.
READ: Sonoro Gold welcomes positive results from underground channel sampling program at Cerro Caliche project in Mexico
The company’s Cerro Caliche project sits in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic underground mines were developed on the concession, including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola.
Sonoro directors and officers participated in the offering by subscribing for 800,000 units for gross proceeds of $120,000, the company noted.
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