SONORO GOLD ANNOUNCES $1 MILLION PRIVATE PLACEMENT

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VANCOUVER, Canada, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) announces a non-brokered private placement offering (the "Offering") consisting of up to 22,222,222 units (the “Units”) at a price of C$0.045 per Unit, for gross proceeds of up to C$1,000,000.  

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 three years from the closing of the private placement at an exercise price of C$0.07 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 plus one-day 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 the Company’s Cerro Caliche gold project in Sonora, Mexico as well as working capital.  

Kenneth MacLeod, President and CEO of Sonoro, commented, “We are accelerating the resumption of drilling at Cerro Caliche to take advantage of the time remaining before the project receives approval for its Environmental Impact Statement, which has been under review by the Mexican government’s federal permitting authority, SEMARNAT, since May 2022. A recent Preliminary Economic Assessment (PEA) outlines the project’s current mineral resource and its potential economic viability. The report also notes the project’s potential upside for exploration including potential gold mineralization within the current modelled mineralized zones as well as along strike and parallel to the current vein trends. The upcoming drilling campaign is designed to increase the size of the resource and extend the currently estimated life of mine.”