SONORO GOLD ANNOUNCES $3 MILLION PRIVATE PLACEMENT

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SONORO GOLD ANNOUNCES $3 MILLION PRIVATE PLACEMENT, April 25, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it will undertake a non-brokered private placement offering (the "Offering") consisting of up to 17,000,000 units (the “Units”) at a price of C$0.18 per Unit, for gross proceeds of up to C$3,060,000. Each Unit will be composed of one Sonoro common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro common share for a period of two years from the closing at an exercise price of C$0.30 per share.

The Company intends to pay finder’s fees, as permitted under the policies of the TSX Venture Exchange, in respect of Units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period in Canada from the closing date. The Offering is subject to TSX Venture Exchange acceptance.

The net proceeds from the Offering will be used to fund the ongoing development of a proposed heap leach mining operation at the Company’s Cerro Caliche gold project in Sonora, Mexico. Funds will be allocated principally for permitting, land agreements, drilling and technical studies, and secondarily for corporate and general administrative expenses.

Kenneth MacLeod, President and CEO of Sonoro, stated, “The private placement will provide sufficient capital to complete several key steps in the development of the proposed mining operation including permitting, land agreements and condemnation drilling. Furthermore, with the near completion of our Stage IV drilling campaign which successfully returned multiple higher-grade intercepts and extended several mineralized zones on the property, this financing will also allow us to start updating the project’s estimated resource and assessing the potential economic impact of the new drilling data on the proposed operation.”