GUADALUPE, MEXICO--(Marketwire -05/02/12)- Sonora Resources Corp. (SURE.OB - News) ("Sonora" or the "Company"), a mineral exploration and development company focused on the acquisition and development of international silver and gold mining properties, is pleased to announce the closing of a private placement for gross aggregate proceeds of $740,000. The private placement consisted of the sale of an aggregate of 3,700,000 shares of the Company's common stock at a price of $0.20 per share. Subscribers included First Majestic Silver Corp. (which invested $350,000) and an officer of First Majestic Silver Corp. The shares issued under the private placement are restricted under applicable securities laws and are not freely tradable.
The Company plans to use the proceeds of the private placement for the development of the Ayones, Jalisco, Los Amoles and Corazon projects in Mexico. First Majestic Silver Corp. is an existing shareholder and insider of Sonora. As a further condition of the funding, an insider of Sonora has agreed to cancel 13.5 million restricted shares in the Company. Furthermore, a creditor of the Company, Coventry Capital LLC, has also agreed to convert $605,000 principal amount of outstanding indebtedness and accrued interest of $32,440 into 2,749,560 shares of restricted common stock at $0.25 per share.
Sonora's President Juan Miguel Rios commented, "Upon completion of the recently announced financings, Sonora will have sufficient funds to continue its operations and exploration requirements at its projects for the near future."
Additional details regarding the Company, its business and agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About Sonora Resources Corp. (SURE.OB - News)
The Company is focused on the acquisition and exploration of international silver and gold mining properties located in regions that enjoy stable politics, sound economies and friendly business environments. Additional information about the Company may be found at www.sonoraresources.com.
Notice Regarding Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include: the proposed use of proceeds of the private placement; that the Company's creditor may convert outstanding indebtedness into shares; that the Company will have sufficient funds to continue its operations and exploration requirements at its projects for the near future; that the company believes that geographic scope of mining concessions makes for encouraging gold and silver potential for the project; and that Mexico is stable and business friendly. Factors which may delay or prevent these forward-looking statements from being realized include changes to the Company's exploration plans and priorities; changes to the creditor's plans regarding conversion of debt; increases in costs relating to exploration activities in Mexico; changes in global financial and precious metals markets; misinterpretation of data; we may not locate or agree to terms with potential partners, we may not be able to acquire equipment or labor as needed; we may not be able to raise sufficient funds to complete our intended exploration or carry on operations; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Nearby mineral resources is no indication of resources on our property. In addition, Mexico may undergo political or social change which would create additional geopolitical risks. Readers should refer to the risk disclosures outlined in the periodic reports filed by other junior mineral exploration companies with the Securities and Exchange Commission.