Sonoro Gold Announces Closing of Oversubscribed $3.1 Million Private Placement

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VANCOUVER, British Columbia, April 20, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the closing of its oversubscribed non-brokered private placement of 17,283,586 units, at $0.18 per unit, for total gross proceeds of $3,111,045. The private placement was initially announced on March 29, 2021 for $2,000,000 (11,111,111 Units) and was increased, as announced on April 9, 2021, to $2,600,000 (14,444,444 Units), and increased again, as announced on April 13, 2021, to $3,000,000 (16,666,667 Units).

Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant.  Each warrant entitles the holder to purchase one additional Sonoro Common share for a period of two years from the closing date at an exercise price of $0.30 per share.  All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period ending August 21, 2021.  The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.

In connection with the Offering, the Company entered into finder’s fee agreements with Haywood Securities Inc. (“Haywood”), Echelon Wealth Partners Inc. (“Echelon”), Couloir Capital Securities Ltd. (“Couloir”), Canaccord Genuity Corp. (“Canaccord”), and National Securities Corp. (“National Securities”), (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each Finder:

1. at the election of the Finder, either a cash finder’s fee or Units equal to a maximum 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder, and
2. non-transferable finder’s warrants (the “Finder’s Warrants”) equal in number to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of two years following the closing of the Offering.

In total the company paid $80,110 in Finder’s fees, 9,722 in Finder’s units and 167,922 in non-transferable Finder’s Warrants.