Sonoro Gold (TSXV: SGO) is entering an exciting phase. The company recently completed exploration at the Cerro Caliche gold project, and saw an oversubscription to its latest round of funding, raising gross proceeds of over $3 million.
The net proceeds from the latest round of funding will be used to fund the ongoing development of a heap leach mining operation at Cerro. SGO is currently in the permitting phase and anticipates the announcement of an updated resource estimate soon.
Leadership noted that despite a challenging market for raising capital, it is happy to see continued investor confidence in its operations. Another important thing to note is that Sonoro directors and officers supplied 24% of the company’s recent financing, showing leadership confidence.
Updates on mining operations at Cerro should provide a bullish catalyst for SGO’s share price, so it will be worth keeping an eye out for these announcements.
SGO.v is currently trading at $.135, valued at $18.81 million.
https://ceo.ca/@globenewswire/sonoro-gold-announces-closing-of-oversubscribed-3