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Sonoro Energy closes second tranche of non-brokered private placement where total proceeds raised from the first and second tranche were CAD$3.6-million and prepares to drill Budong Budong well in Indonesia
(via TheNewswire) (Not for distribution to U.S. newswire services, or for dissemination in...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy closes second tranche of non-brokered private placement where total proceeds raised from the first and second tranche were CAD$3.6-million and prepares to drill Budong Budong well in Indonesia(via TheNewswire)\n \n \n(Not for distribution to U.S. newswire services, or for dissemination in the United States)\n\n \n \nCALGARY, Alberta / TheNewswire / May 19, 2017 -- Sonoro Energy Ltd. (\"Sonoro\" or the \"Company\") (TSX-V: SNV) is pleased to announce the closing of the second tranche (the \"Second Tranche\") of its non-brokered private placement for total gross proceeds of $901,360 further to its April 27, 2017 news release. Combined with the closing of the first tranche of its non-brokered private placement, Sonoro raised a total of CAD$3,600,000 in gross proceeds (the \"Offering\"). \n\n \n \nThe company sold 30,045,333 Units in respect of the closing of the Second Tranche. In total for the Offering, the Company sold 119,999,997 units (a \"Unit\") at a price of $0.03 per Unit, where each 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, where each whole Warrant entitles the holder to purchase one Common Share within two years of each respective tranche closing date at a price of $0.05 per Common Share.\n\n\n \nClosing of the Second Tranche is subject to final TSX Venture Exchange approval. The Common Shares and Warrants issued in connection with the Second Tranche are subject to a four-month hold period. \n\n\n \nThe Company paid finders' fees in connection with the closing of the Second Tranche in the amount of $27,825 plus 927,500 warrants, and in the aggregate amount for the Offering of $131,339 plus 4,284,945 Warrants, where each Warrant entitles the holder to purchase one Common Share within two years from the respective tranche closing date at $0.05 per Common Share.\n\n\n \nThe Second Tranche closing is being made pursuant to a waiver granted by the TSX Venture Exchange (\"TSX Venture\"), which permits the Company to offer the Units at a price below the TSX Venture's $0.05 minimum pricing requirement pursuant to the TSX Venture bulletin dated April 7, 2014. The Company has undertaken to the TSX Venture Exchange to conduct a consolidation of the Company's Common Shares within six months of the closing date i...