Vancouver, BC – June 29, 2015 – Sonoro Metals Corp. (“Sonoro”) (TSXV: SMO), announces that it has closed the private placement announced May 29, 2015. The closing consisted of a total of 1,450,000 units (the Units”) at a price of $0.10 per Unit for gross proceeds of $145,000.
Each Unit is comprised of one share and one non-transferable share purchase warrant exercisable for a term of 3 years (the “Warrants”). Each Warrant entitles the holder to purchase one common share of Sonoro at an exercise price of $0.12 per Warrant share during the first year following closing, escalating to $0.15 for the second and third years, subject to the right of Sonoro to accelerate the expiry of the Warrants, if at any time after four months and one day from the issue date of the Warrants, during the term of the Warrants, the common shares of Sonoro close at a price at or above $0.25 per share for more than 20 consecutive trading days. The securities issued in connection with the private placement will be subject to a hold period expiring on October 30, 2015.
The proceeds from the private placement will be primarily used by Sonoro for exploration expenditures on the Hilltop Gold Project in Alaska and for general working capital purposes.
About Sonoro Metals Corp.
Sonoro Metals Corp. is a mineral exploration company with a portfolio of properties in Alaska, USA; Sonora State, Mexico; and British Columbia, Canada. Exploration on the Hilltop Gold Project in Alaska is being managed by Sonoro’s project partner, Northern Empire Resources Corp. under the direction of its Chairman, John Robins, P.Geo. Sonoro has a skilled exploration team in Mexico, headed by Hermosillo-based Chief Geologist Melvin Herdrick, with over 35 years of experience, including 9 years as the Chief Geologist for Phelps Dodge in Mexico and 5 years as Vice President of Exploration for Pediment Gold Corp. until its takeover by Argonaut Gold in 2011. Sonoro’s Chief Operating Officer, Stephen Kenwood, P.Geo., has 20 years of experience in mineral exploration and development.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
President & CEO
For further information, please contact:
Sonoro Metals Corp. - Tel: (604) 632-1764
Forward Looking Statement Cautions: This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s plans regarding the use of proceeds of the completed private placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. 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, or are those statements, which, by their nature, refer to future events. The Company cautions that 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 to the extent required by applicable securities laws 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 accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.