Sorrento Resources completes CDN$1.9 million private placement

Sorrento Resources Ltd. (CSE: SRS) (OTCQB: SRSLF) closed a non-brokered private placement raising CDN$1,875,000 through the sale of 7.5 million units priced at CDN$0.25 each.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional shares at CDN$0.35 per share within 24 months, expiring March 2, 2028.

The Canadian exploration company completed the offering under the Listed Issuer Financing Exemption to purchasers in all Canadian provinces except Quebec. Securities issued under this exemption are not subject to hold periods under Canadian securities laws.

Sorrento paid CDN$23,000 in finder's fees and issued 84,000 broker warrants as part of the transaction. The broker warrants carry the same CDN$0.35 exercise price and 24-month term as the unit warrants.

The company stated it will use proceeds for exploration expenditures, marketing and general working capital purposes. Sorrento focuses on mineral exploration and development in Atlantic Canada, with projects including Bottom Brook, Rodgers Cove Gold, and Harmsworth in Newfoundland.

This information is based on a company press release.

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