Sonoro Metals (SMO-V) Nov 21, '14 is further increasing the number of non-flow-through units offered under the private placement first announced in its Nov. 10, 2014, news release and subsequently increased in its Nov. 18, 2014, news release. The Company now plans to sell by way of private placement up to 3,000,000 additional NFT Units at a price of $0.105 per NFT Unit, in conjunction with the previously announced 1,666,667 Flow-Through Units at a price of $0.12 per Flow-Through Unit and 700,000 NFT Units at a price of $0.10 per NFT Unit, for aggregate gross proceeds of $1,215,000.
As originally announced, each NFT Unit and Flow-Through Unit will consist of one share and one share purchase warrant exercisable for a term of 3 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 and $0.25 in the third 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 $0.40 per share for more than 20 consecutive trading days. The other terms of the Offering remain unchanged.
The net proceeds from the offering will be primarily used by Sonoro for expenditures on the Monroe Property and for general working capital purposes. 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.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
KENNETH MACLEOD
President & CEO |
