Business
Sonoro Energy Announces $5 Million Private Placement
Sonoro Energy Announces $5 Million Private Placement
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\n Dec. 6, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES \n\n\nTSX Venture Exchange Symbol: SNV\n\n\nCALGARY, Dec. 6 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or the "Company")\n (TSXV: SNV) is pleased to announce a non-brokered private placement of\n up to 20,000,000 units at a price of $0.25 per unit for gross proceeds\n of up to Cdn $5,000,000. Each unit is to be comprised of one common\n share ("common share") and one-half of one warrant, with each whole\n warrant exercisable into one common share for a period of one year\n after closing at an exercise price of $0.50 per share. \n\n\nSonoro intends to pay a finders' fee of 6% in connection with this\n private placement based on the gross proceeds realized from subscribers\n referred to Sonoro by the finders, with such finder's fee payable in\n cash or shares. Management and insiders intend to subscribe for a\n minimum of 4,000,000 units ($1,000,000) under the private placement.\n\n\nThe proceeds from the private placement will be used to advance the\n Company's project in the Republic of Iraq, including shallow drilling\n activities, seismic and data acquisition, topping facilities\n engineering and for general working capital requirements, including the\n ongoing development of the Company's technologies. Closing of the\n private placement may occur in stages and is subject to the\n sati...