Vancouver, British Columbia--(Newsfile Corp. - February 4, 2026) - Sorrento Resources Ltd. (CSE: SRS) (OTCQB: SRSLF) (the "Company" or "Sorrento"), a Canadian exploration company focused on the acquisition, exploration, and development of mineral projects in Atlantic Canada, is pleased to announce a non-brokered private placement of up to 8,000,000 units of the Company (the "Units") at a price of CDN$0.25 per Unit for gross proceeds of up to CDN$2,000,000 (the "Offering").
Each unit (a "Unit") is comprised of one common share of the Company (a "Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant will be exercisable to acquire one common share of the Company at an exercise price of $0.35 per share for a period of 24 months from the date of closing.
The Offering is being completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions to the Listed Issuer Financing Exemption (the "LIFE Exemption") to purchasers resident in each of the Provinces of Canada, except Quebec. The Units issued pursuant to the LIFE Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There will be an offering document related to the Offering that will be available under the Company's profile at www.sedarplus.ca and on the Company's website at: www.sorrentoresources.ca. Prospective investors should read this offering document before making an investment decision.
Pursuant to the Offering, the Company may pay a (i) a finder's fee equal to up to 6% of the aggregate gross proceeds of the Offering and (ii) issue non-transferrable warrants of the Company equal to 6% of the number of Units sold under the Offering exercisable at any time prior to the date that is 24 months from the date of closing to acquire shares, at an exercise price of $0.35.
The Company plans to use the net proceeds of the Offering for exploration expenditures, marketing and promotion and for general working capital purposes. The Offering is scheduled to close on or about February 27, 2026 and completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.
About Sorrento Resources Ltd.
Sorrento is engaged in acquisition, exploration, and development of mineral property assets in Canada. Sorrento's objective is to locate and develop economic precious and rare earth element, gold, and base metal properties of merit including the Bottom Brook Project, Rodgers Cove Gold, and Harmsworth (VMS) project all located in Newfoundland.
On Behalf of The Board of Directors,
SORRENTO RESOURCES LTD.
"Signed"
Alex Bugden
President, Chief Executive Officer, and Qualified Person
investors@sorrentoresources.ca
709-693-4088
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 are "forward-looking statements". Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. 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 CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282628
Source: Sorrento Resources Inc.
