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Closing of Non- Brokered Private Placement, Warrant Amendments and Project Update
(via TheNewswire) Closing of Non- Brokered Private Placement, Warrant Amendments and Proje...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Closing of Non- Brokered Private Placement, Warrant Amendments and Project Update(via TheNewswire)\n \n \nClosing of Non- Brokered Private Placement, Warrant Amendments and Project Update\n\n \n \nCalgary, Alberta - Sonoro Energy Ltd (the \"Corporation \" or \"Sonoro\") (TSX Venture: SNV) is pleased to announces the closing of its non-brokered private placement for total gross proceeds of $312,000 further to its February 25th, 2019 news release announcing the financing.\n\n \n \nThe Company will issue 10,400,000 Units (a \"Unit\") at a price of $0.03 per Unit, where each Unit consists of one common share (a \"Common Share\") of the Company and one common share purchase warrant (a \"Warrant\") of the Company, where each Warrant entitles the holder to purchase one Common Share within two years of the closing date at a price of $0.05 per Common Share.\n\n \n \nClosing of the Private Placement is subject to final TSX Venture Exchange approval. The Common Shares and the Warrants issued are subject to a four-month hold period. \n\n \n \nThe principal use of proceeds is approximately $100,000 to support Sonoro's bid in the 2019 Indonesian Conventional Oil and Gas Round, $75,000 to complete the partnership agreement with its Indonesian partner and continue to advance discussions for its re-instatement of the Budong Budong project and $125,000 for corporate general and administration purposes such as completing the 2018 year-end audit, TSXV sustaining and issuance fees and other standard administration expenses. Management and Directors have subscribed for approximately 70% of the financing.\n\n \n \nThe Company will apply the gross proceeds in such priority and in such proportions as the Board of Directors and Management of the Company determine is in the best interest of the Company. \n\n \n \nThe Company intends to submit a bid in the 2019 Indonesian Conventional Oil and Gas Round on a block considered to have near-term production and significant hydrocarbon reserves. Bids are currently due in late April. The Company will announce the results of the Bid as soon as an announcement in Indonesia is made. \n\n \n \nWarrant Extension and Amendment\n\n\n \nThe Company has filed an application with the TSX Venture Exchange (\"TSXV\") to amend the expiry date and the exercise price of 14,219,000 common share purchase warrants issued by the Co...