Business
Sonoro Energy Announces Financing and Provides Update on WCSB Farm-In
(TheNewswire) Calgary, Alberta – TheNewswire – August 25, 2023 - ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Announces Financing and Provides Update on WCSB Farm-In\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta\n \n \n –\n \n \n TheNewswire – August 25, 2023 -\n \n \n Sonoro Energy Ltd. (“Sonoro” or the\n“Company”) (TSXV:SNV.H)\n \n \n announces its\nintention to complete a non-brokered private placement common\nshare/warrant unit financing to support ongoing activities relating to\nits previously announced Western Canadian Sedimentary Basin\n(“WCSB”) Farm-In Agreement (the “Agreement”), general\ncorporate purposes and pursuit of international oil and gas\nopportunities.\n \n \n \n \n Sonoro intends to raise up to CAD$2,000,000 for a total\nof up to 33.33 million units comprised of one $0.06 common share (a\n“Common Share”) and one common share purchase warrant (a\n“Warrant”) of the Company, where each whole Warrant entitles the\nholder to purchase one Common Share within two years at a price of\n$0.12 per Common Share. The securities issued in connection with the\nOffering will be subject to a four month and one day hold period from\nthe date of issuance of such securities.\n \n \n \n \n As part of this non-brokered financing, warrants are\nsubject to an acceleration clause. This clause states that if, four\nmonths and one day after the warrants are issued, the closing price of\nthe common shares of the Corporation, on the principal market on which\nsuch shares trade, is equal to, or exceeds, C$0.15 for 10 consecutive\ntrading days (with the 10th such trading date hereafter referred to as\nthe “Eligible Acceleration Date”), the warrant expiry date shall\naccelerate to a date 20 calendar days after issuance of a press\nrelease by the Corporation announcing the reduced warrant\nterm—provided, no more than five business days following the\nEligible Acceleration Date, that, the press release is issued; and\nnotices are sent to all warrant holders.\n \n \n \n \n The Offering is being made pursuant to certain Canadian\nprospectus exemptions, including the “existing securityholder”\nexemption and “purchasers advised by investment dealers”\nexemption, where applicable.  Both the “existing securityholder”\nand “purcha...