The net proceeds from the Offering will be used principally to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project located in Sonora, Mexico and project property maintenance payments, and secondarily for corporate and general administrative expenses.
Taj Singh, President & CEO, states: “Our name change to Discovery Silver reflects the strong momentum and exceptional results we have reported to date at our flagship Cordero project, one of the world’s largest undeveloped silver resources.”
Mr. Arturo Bonillas, President & CEO of Magna Gold commented, “Magna made significant strides in 2020 and transitioned to a precious metal producer and cash flow generator with the re-commencement of operations at San Francisco, which we acquired in mid-2020.”
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