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VANCOUVER, British Columbia, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” and the “Company”), is pleased to announce that is has entered into a Fiscal Advisory Services Agreement (the “Agreement”) with InProved Pte. Ltd. (“InProved”), a Singapore-based financial advisory services firm specializing in structuring non-recourse debt for the Energy and Resource sectors, led by its Founder and Managing Partner, Huan Johnson Koh.
Pursuant to the Agreement, InProved will provide fiscal advisory services to Sonoro, including assisting Sonoro in structuring and seeking debt financing to support Sonoro’s plans to further the exploration and potential development of its Cerro Caliche gold project in Sonora, Mexico. During the 240-day term of the Agreement, InProved will be the exclusive financial advisor to Sonoro with respect to such debt financing transactions and will be entitled to receive certain success fees and the reimbursement of its reasonable expenses.
“We are excited to work with InProved to access institutional investors and Asian investor markets, with the intent of completing a non-dilutive financing for the construction of a pilot gold operation at our Cerro Caliche project,” said Kenneth MacLeod, President and CEO of Sonoro. “Our goal is to mitigate shareholder dilution by using revenues from the proposed operation to fund future exploration and development at our Cerro Caliche and San Marcial properties.”
In connection with and during the first work phase under the Agreement, Sonoro intends to engage an independent engineering firm to prepare an NI 43-101 compliant pre-feasibility study to assess the viability of the development of a heap leach plant at Cerro Caliche. Depending on the outcome of that technical assessment, Sonoro will have the option to proceed with or terminate the Agreement.
“InProved and its associates have been following Sonoro’s exploration campaign at Cerro Caliche for the past year and consider the company’s management, technical team and the Cerro Caliche project to be exceptional,” stated Huan Koh, Managing Director at InProved Singapore. “Consequently, we view Cerro Caliche as an ideal entry point into Gold for Asian investors, institutional investors and mine contractors.”
About Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
|On behalf of the Board of SONORO METALS CORP. |
|President & CEO|
For further information, please contact:
Sonoro Metals Corp. - Corporate Communications:
Bill Campbell – Tel: (604) 565-5609
Forward-Looking Statement Cautions: This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the relationship between Sonoro and InProved and Sonoro’s plans for future debt financing transactions, and Sonoro’s plans to engage an independent firm to prepare a pre-feasibility study of the Cerro Caliche project. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the risk that the anticipated benefits of the Agreement fail to materialize, the possibility of unfavourable exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
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