Business
Sonoro Announces Amended Terms to Private Placement Offering
(via TheNewswire) NEWS RELEASE TSX Venture Exchange Symbol: SNV February 21, 2018 ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Announces Amended Terms to Private Placement Offering(via TheNewswire)\n \n \nNEWS RELEASE\n\n\n \nTSX Venture Exchange Symbol: SNV\n\n\n \nFebruary 21, 2018\n\n \n \nCalgary, Alberta / TheNewswire / Sonoro Energy Ltd. (\"Sonoro\" or \"the Company\") (TSX-V: SNV) announces that due to market conditions, it has amended the terms to its Private Placement previously announced on January 26, 2018. The Company intends to raise up to $5,000,000 by way of a non-brokered private placement (the \"Offering\") of units, where a unit (a \"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. The Unit will be priced at $0.10 per share which represents a 9% discount from the closing price on February 20, 2018. Each whole Warrant entitles the holder to purchase one Common Share within two years from the Closing Date (as hereinafter defined) of the Offering at a price of $0.20 per Common Share. \n\n\n \nAs part of this non-brokered financing, warrants are subject to an acceleration clause. This clause states that if, four months and one day after the warrants are issued, the closing price of the common shares of the Company, on the principal market on which such shares trade, is equal to, or exceeds, C$0.30 for 10 consecutive trading days (with the 10th such trading date hereafter referred to as the \"Eligible Acceleration Date\"), the warrant expiry date shall accelerate to a date 20 calendar days after issuance of a press release by the Corporation announcing the reduced warrant term--provided, no more than five business days following the Eligible Acceleration Date, that, the press release is issued; and notices are sent to all warrant holders.\n\n\n \nThe Offering is being made pursuant to certain Canadian prospectus exemptions, including the \"existing securityholder\" exemption and \"purchasers advised by investment dealers\" exemption, where applicable. Both the \"existing securityholder\" and \"purchasers advised by investment dealers\" exemptions are collectively referred to as the \"Existing Secuityholder and Retail Investor Exemptions\". Existing shareholders of the Company who wish to subscribe for Units pursuant to the Offering, who held common shares of the Company as of February 20, 2018 and who continue to hold common shar...