Business
Non-Brokered Private Placement and Corporate Acquisition
(via Thenewswire.ca) Calgary, Alberta / TheNewswire / March 8 2016 - Sonoro En...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Non-Brokered Private Placement and Corporate Acquisition(via Thenewswire.ca)\n\n \n\n\n \n \nCalgary, Alberta / TheNewswire / March 8 2016 - Sonoro Energy Ltd. (\"Sonoro\" or the \"Company\") (TSXV: SNV) is pleased to announce a non-brokered private placement, the proposed acquisition of all of the issued and outstanding shares of Stockbridge Oil and Gas Ltd. (\"Stockbridge\") (the \"Transaction\") and the purchase of an option to acquire a future cash payment. \n\n \n \nThe Company intends to raise a minimum of $1.1 million and up to a maximum of $1.5 million by way of a non-brokered private placement (the \"Offering\") of a minimum of 220 million common shares (\"Common Shares\") of the Company and up to a maximum of 300 million Common Shares at a price of $0.005 per Common Share. The Offering is expected to close in two tranches. The first tranche of approximately $1.1 million (the \"First Tranche\") is expected to close on or about March 21, 2016, and the second tranche of up to another $400,000 (the \"Second Tranche\") is expected to close approximately two to three weeks following the First Tranche. The Offering is being made pursuant to a waiver granted by the TSX Venture Exchange (\"TSX Venture\") which permits the Company to offer the Common Shares at a price below the TSX Venture's $0.05 minimum pricing requirement. \n\n \n \nWith respect to the Second Tranche only, finders will be paid a 6% commission on any funds raised. \n\n \n \nThe Offering will replace the non-brokered private placement previously announced on November 5, 2015, which is now terminated. \n\n \n \nStockbridge Oil and Gas Ltd. is a private British Virgin Island Corporation which indirectly wholly owns Stockbridge Budong-Budong BV, a Netherlands corporation, that holds a Production Sharing Contract (\"PSC\") for oil and gas exploration and production rights covering 1,094 km2 onshore, located in the Budong Budong subdistrict in the province of West Sulawesi, Indonesia.\n\n \n \nBoth the First Tranche and the Transaction are expected to close on or around March 21, 2016.\n\n \n \nCompletion of both the Offering and the Transaction remains subject to final approval from the TSX Venture.\n\n \n \nThe Budong Budong PSC\n\n \n \nThe Budong Budong PSC is located onshore in the province of West Sulawesi, Indonesia and lies across from the Makassar Straight ...