Sorrento Resources Ltd. has completed its initial public offering (the IPO) of 4,884,300 common shares at a price of 17.5 cents per common share for gross proceeds of $854,752.50.
Leede Jones Gable Inc. has been paid a cash commission equal to 9.0 per cent of the gross proceeds from the sale of the common shares pursuant to the IPO, together with a cash corporate finance fee. Additionally, the company has granted compensation options to the agent entitling the agent to purchase up to 439,587 common shares at an exercise price of 17.5 cents per common share, exercisable on or before Feb. 23, 2025. The company currently has 15,050,966 common shares issued and outstanding.
The company’s common shares are listed on the Canadian Securities Exchange (CSE) and will begin trading on the CSE under the symbol SRS on Feb. 24, 2023.
About Sorrento Resources Ltd.
The company 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 and to conduct its exploration program on the Wing Pond property. The Wing Pond property is located roughly 40 kilometres east-northeast of Gander, Nfld., Canada, in central Newfoundland.