SONORO METALS CORP. (TSXV:SMO) (the “Company” or “Sonoro”) is pleased to announce that it has completed its non-brokered private placement first announced on December 23, 2011 (the “Offering”). The Offering as first announced consisted of 1,200,000 units (the “Units”) at a price of $0.25 per Unit, but was subsequently increased by 125,000 Units to 1,325,000 Units for aggregate gross proceeds of $331,250. The TSX Venture Exchange has conditionally approved the closing of the Offering, subject to the filing of final documents.
Each Unit is comprised of one common share (the “Unit Shares”) and one common share purchase warrant (the “Warrant”). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.35 per share until January 27, 2013. The Unit Shares and any shares that may be issued on exercise of the Warrants are subject to a hold period expiring on May 28, 2012.
The net proceeds of the Offering will be used to finance an exploration program on the Chipriona property and for general working capital.
SONORO METALS CORP.
Stephen Kenwood, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Caution
This press release contains certain “forward-looking statements within the meaning of Canadian securities legislation. Forward Looking statement include, but are not limited to, statements with respect to the Offering and the Company’s planned use of proceeds from the completed Offering. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” ”projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by the securities laws applicable to the Company and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, but are not limited to, general business, economic, competitive, political and social uncertainties, or the Company’s inability to secure the final acceptance of the Offering from the TSX Venture Exchange.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.