Sorrento Resources (SRSLF) has completed a non-brokered private placement, raising $374,999.85 through the issuance of 4,999,998 units at $0.075 per unit. Each unit includes one common share and half of one warrant, with warrants exercisable at $0.15 for 36 months. Notable investor Eric Sprott acquired 3,000,000 units for $225,000, increasing his ownership to 13.7% (non-diluted) and 17.8% (partially-diluted). Company insiders subscribed for 1,466,665 units ($109,999.87). The proceeds will fund exploration at the Lord Baron and Harmsworth projects, loan repayment, and working capital. The securities are subject to a hold period until September 7, 2025.
Sorrento Resources (SRSLF) ha completato un collocamento privato senza intermediari, raccogliendo 374.999,85 $ tramite l'emissione di 4.999.998 unità al prezzo di 0,075 $ per unità. Ogni unità comprende un'azione ordinaria e mezza warrant, con warrant esercitabili a 0,15 $ per 36 mesi. L'investitore di rilievo Eric Sprott ha acquisito 3.000.000 di unità per 225.000 $, aumentando la sua partecipazione al 13,7% (non diluito) e al 17,8% (parzialmente diluito). I dirigenti della società hanno sottoscritto 1.466.665 unità (109.999,87 $). I proventi saranno destinati all'esplorazione dei progetti Lord Baron e Harmsworth, al rimborso di un prestito e al capitale circolante. Le azioni sono soggette a un periodo di blocco fino al 7 settembre 2025.
Sorrento Resources (SRSLF) ha completado una colocación privada sin intermediarios, recaudando 374.999,85 $ mediante la emisión de 4.999.998 unidades a 0,075 $ por unidad. Cada unidad incluye una acción común y media warrant, con warrants ejercitables a 0,15 $ durante 36 meses. El inversor destacado Eric Sprott adquirió 3.000.000 de unidades por 225.000 $, aumentando su participación al 13,7% (no diluido) y al 17,8% (parcialmente diluido). Los directivos de la empresa suscribieron 1.466.665 unidades (109.999,87 $). Los fondos se destinarán a la exploración de los proyectos Lord Baron y Harmsworth, al pago de un préstamo y al capital de trabajo. Los valores están sujetos a un período de retención hasta el 7 de septiembre de 2025.
Sorrento Resources(SRSLF)는 중개인 없이 진행한 사모 유상증자를 완료하여 374,999.85달러를 조달했습니다. 단가는 유닛당 0.075달러이며, 4,999,998 유닛이 발행되었습니다. 각 유닛은 보통주 1주와 워런트 0.5개로 구성되며, 워런트는 36개월 동안 0.15달러에 행사 가능합니다. 주요 투자자인 에릭 스프로트(Eric Sprott)는 3,000,000 유닛을 225,000달러에 인수하여 그의 지분을 희석 전 기준 13.7%, 부분 희석 기준 17.8%로 늘렸습니다. 회사 임원들은 1,466,665 유닛(109,999.87달러)을 청약했습니다. 조달 자금은 Lord Baron 및 Harmsworth 프로젝트 탐사, 대출 상환, 운전자본에 사용될 예정입니다. 증권은 2025년 9월 7일까지 보호예수 기간이 적용됩니다.
Sorrento Resources (SRSLF) a réalisé un placement privé sans intermédiaire, levant 374 999,85 $ par l'émission de 4 999 998 unités à 0,075 $ l'unité. Chaque unité comprend une action ordinaire et une demi-bons de souscription, avec des bons exerçables à 0,15 $ pendant 36 mois. L'investisseur notable Eric Sprott a acquis 3 000 000 d'unités pour 225 000 $, portant sa participation à 13,7 % (non dilué) et 17,8 % (partiellement dilué). Les initiés de la société ont souscrit 1 466 665 unités (109 999,87 $). Les fonds serviront à financer l'exploration des projets Lord Baron et Harmsworth, le remboursement d'un prêt et le fonds de roulement. Les titres sont soumis à une période de blocage jusqu'au 7 septembre 2025.
Sorrento Resources (SRSLF) hat eine nicht vermittelte Privatplatzierung abgeschlossen und dabei 374.999,85 $ durch die Ausgabe von 4.999.998 Einheiten zu je 0,075 $ pro Einheit eingenommen. Jede Einheit umfasst eine Stammaktie und eine halbe Option (Warrant), wobei die Warrants für 36 Monate zu 0,15 $ ausgeübt werden können. Der bedeutende Investor Eric Sprott erwarb 3.000.000 Einheiten für 225.000 $ und erhöhte seinen Anteil auf 13,7 % (unverwässert) bzw. 17,8 % (teilweise verwässert). Insider der Gesellschaft zeichneten 1.466.665 Einheiten (109.999,87 $). Die Erlöse werden für die Erkundung der Projekte Lord Baron und Harmsworth, die Rückzahlung eines Darlehens und das Betriebskapital verwendet. Die Wertpapiere unterliegen einer Haltefrist bis zum 7. September 2025.
Positive
Significant investment from mining investor Eric Sprott, showing confidence in the company
Insider participation in the financing demonstrates management alignment with shareholders
Proceeds will advance exploration activities at multiple projects
Negative
Dilutive financing at a relatively low price of $0.075 per unit
Part of the proceeds will be used for loan repayment rather than purely growth initiatives
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - SORRENTO RESOURCES LTD. (CSE: SRS) (OCTQB: SRSLF) (the "Company") is pleased to announce that, further to its news release dated April 21, 2025, it has closed a non-brokered private placement for total gross proceeds of $374,999.85 (the "Placement").
The Company has allotted and issued 4,999,998 units (each, a "Unit") at a purchase price of $0.075 per Unit. Each Unit consists of one common share and one-half of one transferable common share purchase warrant (each whole, a "Warrant"). Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.15 for a period of 36 months from the closing date.
In relation to the Placement, the Company has paid finder's fees of $2,800 and issued 37,333 finder's warrants to an arm's-length party, entitling the holder to acquire one share at a price of $0.15 per share for a period of 36 months.
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. All securities issued pursuant to the Placement are subject to a hold period expiring September 7, 2025.
Current insiders of the Company have subscribed for 1,466,665 Units for gross proceeds of $109,999.87. The issuance of the Units to the insiders of the Company is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation by the insiders does exceed 25% of the fair market value of the Company's market capitalization.
Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 3,000,000 Units pursuant to the Placement, at $0.075 per Unit for total consideration of $225,000. Prior to the Placement, Mr. Sprott beneficially owned or controlled 1,200,000 Shares of the Company representing approximately 4.7% of the outstanding common shares of the Company on a non-diluted basis.
As a result of the Placement, Mr. Sprott now beneficially owns or controls 4,200,000 Shares and 1,500,000 Warrants of the Company representing approximately 13.7% on a non-diluted basis and 17.8% on a partially-diluted basis assuming the exercise of such Warrants.
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of the early warning report with respect to the foregoing will appear on Sorrento Resources' profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).
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.
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". 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.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
