Sorrento Resources Provides Update on Brokered Private Placement Offering

Core Viewpoint - Sorrento Resources Ltd. is set to close a brokered private placement offering by November 14, 2025, with a lead order from Mr. Eric Sprott, despite delays due to budget issues related to the charity component [1][2]. Offering Details - The offering aims to raise gross proceeds of up to $4,500,000, with the potential to increase to $5,175,000 if the Agent's Option is fully exercised [2][5]. - The offering will consist of three types of units: - Premium flow-through units priced at $0.35 each, including one common share and one warrant [2]. - Flow-through units priced at $0.30 each, including one common share and half a warrant [2]. - Regular units priced at $0.25 each, including one common share and one warrant [2]. Use of Proceeds - Net proceeds from the sale of Premium FT Units and FT Units will be allocated to eligible Canadian exploration expenses related to the company's projects in Newfoundland and Labrador [4]. - Proceeds from the sale of regular Units will be used for ongoing exploration drilling, working capital, and general corporate purposes [4]. Agent's Role and Fees - Research Capital Corporation will act as the sole agent and bookrunner for the offering, receiving a cash fee of 6.0% of the gross proceeds [8]. - The Agent will also receive non-transferable broker warrants equal to 6.0% of the total number of units sold, allowing the purchase of common shares at an exercise price of $0.25 for 24 months [8]. Securities Offering - The units will be offered via private placement in Canada and potentially in other jurisdictions, including the U.S., under applicable exemptions [6]. - The securities will have a hold period of four months and one day from the closing date [7]. Company Overview - Sorrento Resources Ltd. focuses on the acquisition, exploration, and development of mineral properties in Canada, targeting precious metals, rare-earth elements, and base metals [11].