Calgary, Alberta / TheNewswire / March 9, 2018 - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV: SNV) is pleased to announce the closing of a first tranche (the "First Tranche") of the non-brokered private placement for total gross proceeds of $1,764,602, further to its February 21, 2018 private placement offering ("the Offering") news release. Pursuant to the First Tranche, the Company sold 17,646,020 units (a "Unit") at a price of $0.10 per Unit where each Unit consists of one common share (a "Common Share") of the Company and one half of one common share purchase warrant (a "Warrant") of the Company, where each whole Warrant entitles the holder to purchase one Common Share within two years at a price of $0.20 per Common Share.
Closing of the First Tranche is subject to final TSX Venture Exchange approval. The Common Shares and Warrants issued in connection with the First Tranche are subject to a four-month hold period.
The Company paid finders' fees in connection with the closing of the First Tranche in the aggregate amount of $10,500 plus 105,000 Warrants, where each Warrant entitles the holder to purchase one Common Share by March 9, 2020 at $0.20 per Common Share.
The Company expects to complete a final tranche (the "Final Tranche") for additional proceeds prior to April 12, 2018, the date granted by the TSXV under the current terms of the offering.
Sonoro Energy Ltd. now has 62,902,301 Common Shares outstanding, 24.071,576 warrants outstanding and the Common Shares trade on the TSX Venture Exchange under the symbol SNV.
The Company also announces the resignation of Ryszard Kurr from the Board of Directors. The Company thanks Mr. Kurr for his valued contributions to Sonoro in the past and wishes him the best with his future endeavours.
Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in Sulawesi Indonesia.
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates," "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this news release contains forward-looking information regarding the Offering, the timing of closing of the Offering, and how the proceeds from the Swap will be used by the Insider.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with the Offering failing to be fully subscribed for or not subscribed for at all, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of the date of this news release and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
CEO and Director
This press release is not to be disseminated in the United States