SONORO GOLD ANNOUNCES CLOSING OF FIRST TRANCHE OF $1 MILLION NON-BROKERED PRIVATE PLACEMENT

VANCOUVER, Canada, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced C$1,000,000 non-brokered private placement (the “Offering”) by issuing 11,028,429 units (the “Units”) at a price of C$0.05 per Unit, for gross proceeds of C$551,421.

Each Unit consists of one Sonoro common share and one common share purchase warrant. Each warrant entitles 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 net proceeds from the Offering will be used to fund the ongoing development of the Company’s Cerro Caliche gold project in Sonora, Mexico.

All securities issued and issuable in connection with the First Tranche are subject to a 4-month plus one day hold period ending June 17, 2024. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final acceptance from the TSX Venture Exchange.

In connection with the First Tranche, the Company paid $3,500.00 in Finder’s fees and issued 70,000 in non-transferable Finder’s Warrants.

Directors and Officers of the Company participated in the Offering by subscribing for 4,281,763 Units for gross proceeds of $214,088, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101, as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.

About the Cerro Caliche Gold Project
Exploration to date at the 1,400-hectare property confirms a broadly mineralized low-sulphidation epithermal vein structure and over 25 northwest-trending gold mineralized zones along trend and near surface. With only 30% of the property’s identified mineralized zones drilled and assayed, the Company filed an updated Mineral Resource Estimate (MRE) in March 2023 based on a total 55,360 meters of drilled data, including 498 drill holes, 17 trenches and assays for 53,865 meters of the drilled data.