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SURE > SEC Filings for SURE > Form 8-K on 20-Mar-2013All Recent SEC Filings

Show all filings for SONORA RESOURCES CORP. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SONORA RESOURCES CORP.


20-Mar-2013

Completion of Acquisition or Disposition of Assets, Creation of a Direct F


ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

On March 15, 2013, Sonora Resources Corp. ("Sonora" or the "Company"), a mineral exploration and development company focused on the acquisition and exploration of international silver and gold mining properties, closed the 100% acquisition from Yale Resources Ltd ("Yale") of the right, title and interest in and to the Los Amoles 2 and Los Amoles 3 Fracc.1 properties, consisting of 2,166 hectares located in the State of Sonora Mexico. In addition, Yale agreed to use all commercially reasonable efforts to acquire title to the Los Amoles 4 property which is approximately an additional 2,200 hectares adjoining the Los Amoles 3 property.

The Company paid $200,000 to Yale and issued 1,000,000 shares of restricted common stock valued at the market price of $0.14 per share for these mining properties. The total consideration for the mining properties was $340,000.

The Company cancelled the Option Agreement dated November 26, 2010 with Yale.



ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

First Majestic Silver Corp. ("First Majestic"), AG:NYSE, a shareholder in the Company, loaned the Company US$30,000 pursuant to a Demand Promissory Note dated February 19, 2013. The Company agreed to pay interest at a rate 1 Year LIBOR plus 3.5% per cent per annum for a maximum of six (6) months. First Majestic loaned the Company US$170,000 pursuant to a Demand Promissory Note dated March 15, 2013. The Company agreed to pay interest at a rate 1 Year LIBOR plus 3.5% per cent per annum until the Demand Promissory Note is repaid.

The above description is intended only as a summary of the Demand Promissory Note with First Majestic dated March 15, 2013. The above agreement is filed as Exhibit 10.1 and is hereby incorporated by reference.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit No.   Description

  10.1         Promissory Note dated March 15, 2013 by and between Sonora Resources
              Corp. and First Majestic Silver Corp.


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