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Sorrento Resources Ltd. ( (TSE:SRS) ) has shared an update.
Sorrento Resources Ltd. has announced a non-brokered private placement of up to 8 million units at C$0.25 per unit, for gross proceeds of up to C$2 million, using the listed issuer financing exemption to investors across most Canadian provinces. Each unit will consist of one common share and one share purchase warrant exercisable at C$0.35 for 24 months, with the company intending to direct the net proceeds toward exploration work on its Newfoundland projects, along with marketing, promotion, and general working capital, subject to customary regulatory approvals including from the Canadian Securities Exchange.
More about Sorrento Resources Ltd.
Sorrento Resources Ltd. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of precious metals, rare earth elements, gold, and base metal projects in Atlantic Canada, particularly in Newfoundland. Its key assets include the Bottom Brook Project, Rodgers Cove Gold, and the Harmsworth VMS project, positioning the company within the early-stage resource development segment of the mining industry.
Average Trading Volume: 61,929
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$13.41M
For detailed information about SRS stock, go to TipRanks’ Stock Analysis page.