Vancouver, British Columbia--(Newsfile Corp. - April 21, 2025) - SORRENTO RESOURCES LTD. (CSE: SRS) (OCTQB: SRSLF) (the "Company") is pleased to announce that it has arranged a non-brokered private placement (the "Placement") to raise up to $375,000 through the sale of up to 5,000,000 units (each a "Unit") at a price of $0.075 per Unit.
Each Unit will comprise one common share and half of one share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.15 per share for a period of 36 months.
Finder's fees may be payable on all or any portion of the Placement, which is subject to regulatory and exchange approval. The proceeds of the Placement will be utilized for exploration activities at the Lord Baron and Harmsworth projects, repayment of outstanding loans (see press release dated November 7, 2024) and general working capital purposes.
About the Company
Sorrento Resources is engaged in acquisition, exploration, and development of mineral property assets in Canada. The Company's objective is to locate and develop economic precious and base metal properties of merit including the Wing Pond, Lord Baron projects, the PEG lithium project, and the Harmsworth (VMS) project all located in Newfoundland.
For more information, visit https://sorrentoresources.ca/.
ON BEHALF OF THE BOARD OF DIRECTORS
Alex Bugden, P. Geo
Chief Executive Officer
investors@sorrentoresources.ca
604-290-6152
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the anticipated plans for and results of exploration programs are "forward-looking statements". Forward-looking statements in this news release include, but are not limited to, statements with respect to the terms of the proposed Placement, the likelihood of finder's fees being paid, the timing of closing of the Placement and the proposed use of proceeds. These forward-looking statements reflect the expectations or beliefs of the management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE..
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249295
SOURCE: Sorrento Resources Inc.
