SONORO GOLD Announces Closure of Oversubscribed $600,000 Unbrokered Private Placement, Canadian Business Journal

VANCOUVER, CANADA, OCTOBER 19, 2022 (GLOBE NEWSWIRE) — Sonoro gold corporation(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) closed an oversubscribed, no-broker private placement of 4,160,732 units (the “Units”) at $0.15 I am pleased to announce the $624,110 total aggregate value per unit (“Offering”). Each unit will consist of one share of Sonoro common stock and one share of Stock Purchase Warrants. Each Warrant holder may, for two years from the closing date, purchase for him one additional Sonoro common stock at a strike price of $0.225 per share.

All securities issued and issuable in connection with the offering are subject to a hold period of four months plus one day ending February 20, 2023. The offering has received conditional approval from the TSX Venture Exchange and will continue to be available on the TSX Venture Exchange.

In connection with the Offering, the Company has entered into a Finder Fee Agreement with GloRes Securities Inc. (“Finder”).

1. A cash finder’s commission equal to 7% of the total revenue collected from subscribers referred to the company by the finder, and
2. A non-transferable finder’s warrant (“finder’s warrant”) represents 7% of total revenues raised from subscribers referred to the company by the finder. Each finder’s writ permits the finder to purchase one share of common stock in the company’s stock at a price of $0.225 for two years after the offering ends.

In total, the Company paid Finder fees of $3,500 and issued 23,333 non-transferable Finder’s Warrants.

Our directors and officers comply with TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on Section 5.5(a) of MI 61-101 for exemption from formal evaluation requirements and Section 5.7(1)(a) of MI 61-101 for exemption from minority shareholder approval requirements of MI 61-101. depended. , because the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.

Net proceeds from the offering will be used to fund the ongoing development of the proposed Heapreach mining operation at the Company’s Cerro Caliche gold project in Sonora, Mexico.

About Sonoro Gold Corporation
Sonoro Gold Corporation is a publicly traded exploration and development company that owns the near-development Cerro Caliche project and the exploration-stage San Martial property in Sonora, Mexico. The company has an experienced operational and management team with a proven track record in the discovery and development of natural resource deposits.

On behalf of the Board of Directors of Sonoro Gold Corp.
per: “Kenneth MacLeod”
Kenneth MacLeod
President and CEO

For more information, please contact:
Sonoro Gold Corp. – Phone: (604) 632-1764
Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements:

This press release contains certain “forward-looking statements” within the meaning of Canadian securities laws. This relates, among other things, to the intended use of the proceeds of the offering and the Company’s intention to advance the execution of its exploration and development plans. Its Cerro Caliche project includes the development of a heap reach pilot operation and the predictive release of updated resource estimates. Although we believe such statements are reasonable based on the current circumstances, there can be no assurance that such expectations will prove correct. Forward-looking statements are statements that are not historical facts. They are generally “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “plan”, “purpose”, “possibility”, “ Identified by the word “goal”, but not always. , “objective,” “probable,” and similar expressions, or events or conditions that “occur,” “would,” “could,” “could,” “could,” or “should” statements, or statements thereof, which by their nature refer to future events. We base our forward-looking statements on our management’s beliefs, assumptions and opinions as of the date the statements are made and are subject to a number of risks and uncertainties, including risks that we cannot ensure. I am warning you. Sufficient future funding necessary to fund all of the proposed exploration and development of the Cerro Caliche project or to fund exploration and development operations of other projects.Future exploration results Unfavorable We do not endorse the proposed plan to build a Heapreach pilot or justify further exploration efforts. Equipment failures, accidents, or external problems (such as civil unrest, public health emergencies, etc.) that significantly increase the company’s business expenses or delay (or completely prevent) the execution of the company’s business plans ) There is a possibility. Additionally, unforeseen changes in laws, regulations and permit requirements relating to our planned development of our mineral exploration programs and projects currently in Mexico may prevent us from executing some or all of our business plans.

There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected in such statements. You should not place undue reliance on forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements. as a result new information, future events, or otherwise, except as required by law or TSX Venture Exchange policies. Readers are encouraged to review the company’s full public records on SEDAR. www.sedar.com More information about our business and the risks associated with it can be found here.

“This press release does not constitute or form an offer or solicitation to purchase or subscribe for any securities in the United States. is not registered either, directly or indirectly, in the United States or for the account or benefit of a United States person, as defined in Regulation S under the Securities Act (“Regulation S”). to be sold. Exemption from trading or in trading that is not subject to the registration requirements of the Securities Act. “

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

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