Sonoro Metals Announces Closing of $8 Million Private Placement Including the Fully Subscribed 60% Overallotment Option - Seite 3

With the requisite environmental permits in place and the initial drill pads ready for operations, Sonoro has contracted drilling company, Layne de Mexico, a subsidiary of Granite Construction Incorporated (NYSE: GVA) to immediately commence the core drilling program, with the reverse circulation drilling program scheduled to commence before the end of August 2020.  Both the drilling crews and Sonoro’s technical team are based in Hermosillo, Mexico and are not restricted by cross-border issues related to the COVID-19 pandemic.

Sonoro has also received proceeds in the amount of $162,143 through the exercise of 600,528 share purchase warrants at an exercise price of $0.27 per warrant share.  These warrants were issued pursuant to a private placement dated July 31, 2019, with an expiry date of August 1, 2020.

Sonoro’s President and CEO, Kenneth MacLeod, stated, “Sonoro’s management team is delighted by the recognition and faith demonstrated by investors as to the merits of our dual strategy of higher risk but potentially high reward exploration drilling of the Cerro Caliche deeper high-grade gold targets, while we concurrently advance our proposed Heap Leach Pilot Operation as an initial step in assessing the property’s shallow bulk gold mining potential.  I would also like to express my thanks on behalf of our directors and shareholders to Palisades Goldcorp for acting as the financing’s lead and the exceptional role they have played.” 

Sonoro Metals Chairman, John Darch, commented, “A strong, diverse and loyal shareholder base is a key component of any company’s long term success and while it was impossible to accommodate everyone, the private placement and the overallotment gave many new investors an initial stake in Sonoro’s future success.”  Darch added that, “the overallotment should allow us to accelerate and expand our Phase One core drilling program while ensuring that we have the funds to proceed expeditiously to complete a Preliminary Economic Assessment for the HLPO, just as we continue to explore, develop and potentially expand the Cerro Caliche gold resource.” 

About Palisades Goldcorp.
Palisades Goldcorp is Canada’s new resource focused merchant bank.  Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers.  With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.