Vancouver, BC – April 15, 2016 – Sonoro Metals Corp. (“Sonoro” or the “Company”) (TSXV: SMO), announces that it proposes to undertake a private placement of up to $400,000, comprised of up to 4,000,000 units (“Units”) at a price of $0.10 per unit. Each Unit will consist of one share and one share purchase warrant exercisable for a term of 2 years (the “Warrants”). Each Warrant will entitle the holder thereof to purchase one common share of Sonoro at an exercise price of $0.15 per Warrant share during the first year following the closing of the private placement, escalating to $0.20 in the second year, 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 $0.50 per share for more than 20 consecutive trading days. All securities issued in connection with the private placement will be subject to a hold period expiring four months and one day following the closing date. The private placement is subject to acceptance by the TSX Venture Exchange.
The proceeds from the offering will be primarily used to continue exploration at Sonoro’s wholly-owned Chipriona and San Marcial projects located in Sonora State, Mexico. The Chipriona project is located 200 km east of Hermosillo, in the prolific Mulatos district of the Sierra Madre Gold Belt. The San Marcial project is located 20 km east of Timmins Gold’s San Francisco mine in the Sonora-Mojave Megashear geologic structure.
About Sonoro Metals Corp.
Sonoro Metals Corp. is a TSX Venture Exchange listed (“SMO-TSXV”) exploration and development company with a portfolio of precious metals properties in Sonora, Mexico and Alaska, USA. Sonoro’s skilled exploration team in Mexico is headed by Hermosillo-based Chief Geologist Melvin Herdrick, with 35 years of experience, including 9 years as Chief Geologist for Phelps Dodge in Mexico and 5 years as Vice President, Exploration for Pediment Gold until its takeover by Argonaut Gold in 2011. Sonoro’s Chief Operating Officer is professional geologist Stephen Kenwood, with over 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 exploration of the San Marcial property, located in Sonora State, Mexico. 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, possible 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.