Business
Sonoro Announces the Results of the Shareholders' Meeting
CALGARY , Dec. 5, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSXV: SNV...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Dec. 5, 2013 /CNW/ - Sonoro Energy Ltd. (\"Sonoro\" or \"the\n Company\") (TSXV: SNV) is pleased to report the results of the special\n meeting of shareholders held December 5, 2013.\n\n\nA total of 129,457,748 common shares of Sonoro (the \"Shares\") of the\n 264,518,053 Shares outstanding were voted for the special resolution\n (the \"Consolidation Resolution\") to consolidate the Company's issued\n and outstanding Shares on the basis of one (1) new common share of the\n Company (a \"Post-Consolidation Share\") for every ten (10) existing\n Shares (the \"Consolidation\") and a total of 9,370,114 Shares were voted\n against the Consolidation Resolution.  With 93.25% of the votes cast in\n support of the Consolidation Resolution, the Company plans to proceed\n with the Consolidation subject to, and immediately following the\n receipt of, final approval thereof by the TSX Venture Exchange (the\n \"TSXV\").\n\n\nShareholders also voted in favour of the resolution (the \"Private\n Placement Resolution\") authorizing the proposed non-brokered private\n placement (the \"Private Placement\") of up to 32,550,000 Post-Consolidation Shares at a price of\n $0.08 per Post-Consolidation Share for aggregate gross proceeds of up\n to $2,604,000. As previously stated in the Company's October 15, 2013\n news release announcing the Private Placement, Geopetrol International\n Holding Inc. (\"Geopetrol\") has agreed to subscribe for 26,300,000\n Post-Consolidation Shares under the Private Placement, which would\n result in Geopetrol becoming a control person within the meaning of\n TSXV Policy 1.1. A total of 52,259,708 Shares held by disinterested\n shareholders, representing 61.66% of the eligible votes, were voted in\n favour of the Private Placement Resolution and 32,499,173 Shares,\n representing 38.34% of the eligible votes, were voted against the\n Private Placement Resolution.  Geopetrol refrained from voting on the\n Private Placement Resolution in accordance with \"related party\n transaction\" requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.\n\n\nIncluding Geopetrol's subscription, the Company has received\n subscriptions for a total of 29,961,438 Post-Consolidation Shares for\n aggregate gross proceeds of approximately $2,396,915. The Compan...