Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF, FRA:23SP) said on Wednesday it has closed an oversubscribed non-brokered private placement of 62 million units at $0.25 per unit, raising gross proceeds of C$15.5 million to fund development of its Cerro Caliche gold project in Sonora,…
xico. Each unit consists of one common share and one warrant exercisable at C$0.34 per share for three years from closing
The company said net proceeds will support a 50,000-metre drilling program recently launched at Cerro Caliche, as well as general working capital. Sonoro has also expanded the project through the acquisition of 11 additional mineral concessions. The Cerro Caliche project is being advanced toward an open-pit, heap leach mining operation, currently in the permitting phase, targeting initial 10-year production at a projected capacity of up to 16,000 tonnes per day