Sorrento Resources Announces Closing of $3.2 Million Brokered Private Placement Offering

Core Viewpoint - Sorrento Resources Ltd. has successfully closed a private placement offering, raising gross proceeds of $3.2 million to support its exploration projects in Canada [1][3]. Summary by Sections Offering Details - The private placement offering generated aggregate gross proceeds of $3,175,000, led by Research Capital as the sole agent and bookrunner [1]. - The offering included the issuance of various securities, including Premium FT Units, FT Units, and standard Units, with specific pricing and terms outlined [8]. Use of Proceeds - The gross proceeds will be allocated to eligible Canadian exploration expenses (CEE), with half designated for flow-through critical mineral mining expenditures and the other half for general exploration expenses in Newfoundland and Labrador [3]. - Net proceeds will also support ongoing exploration drilling programs, working capital, and other corporate purposes [3]. Agent Compensation - The Company paid a cash commission of $171,300 to the agent and issued 573,400 broker warrants, along with an advisory fee of approximately $6,000 and additional advisory broker warrants [4]. Insider Participation - Insiders participated in the offering, acquiring a total of 880,000 units, which constitutes a related party transaction under applicable regulations [10]. - Canal Front Investments Inc. and Alex Bugden were among the insiders involved in the offering [6][10]. Debt Settlement - The Company entered into a debt settlement agreement to settle a $50,000 loan through the issuance of 200,000 units at a price of $0.25 per unit [11]. - Commitment warrants were also issued to Canal and Kluane as part of their loan agreements [12]. Company Overview - Sorrento Resources is focused on the acquisition, exploration, and development of mineral properties in Canada, with projects including the Wing Pond, Lord Baron, PEG lithium project, and Harmsworth [14].