Sonoro Gold upsizes private placement to C$15M amid investor demand

Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF, FRA:23SP) said on Friday that it has increased the size of its previously announced non-brokered private placement in response to investor demand.

The Vancouver-based company said the offering has been upsized to 60 million units for gross proceeds of up to C$15 million. The financing was originally announced on May 20.

The offering price remains at C$0.25 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will allow the holder to purchase an additional common share at an exercise price of C$0.34 for a period of three years following the closing of the financing.

The net proceeds from the offering are expected to be used to support the ongoing development of the Cerro Caliche gold project in Sonora, Mexico, as well as for general working capital purposes.