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Sonoro Energy Ltd Announces Acceleration of Warrant Expiry Date
(via TheNewswire) Calgary, Alberta - TheNewswire - February 6, 2020 - Sonoro ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Ltd Announces Acceleration of Warrant Expiry Date(via TheNewswire)\n \n \nCalgary, Alberta - TheNewswire - February 6, 2020 - Sonoro Energy Ltd (the \"Corporation \"or \"Sonoro\") (TSXV:SNV) announces that as per TSXV policy and requirement, it is accelerating the expiry date of all outstanding common share purchase warrants (the Warrants \") of the Company issued by the Corporation in connection with a non-brokered Private Placement of the Corporation that closed on March 29, 2019.\n\n \n \nThe warrants include an accelerated expiry provision such that the exercise period of each of the Warrants will be reduced to 30 days if for any 10 consecutive trading days during the unexpired term of such Warrants, the closing price of the Corporation's common shares equals or exceeds $0.10 \n\n \n \nThe Company confirms that as of the close of markets on February 5, 2020 an Acceleration Trigger had occurred. Accordingly, the expiry date of the warrants is accelerated from March 29, 2021, to March 6, 2020. In accordance with the terms of the Warrants, this news release constitutes notice to Warrant holders of the Acceleration Trigger. All unexercised Warrants will be cancelled after 5 p.m. (MST) on March 6, 2020.\n\n \n \nAs of February 5, 2020 4,233,334 of the March 29, 2019 Warrants remain outstanding. Each whole Warrant entitles the holder to purchase one Common Share of the Company at $0.05. If all outstanding warrants are exercised gross proceeds to the Company will total $211,667. The proceeds from the exercise of Warrants will primarily be used for general corporate and working capital purposes.\n\n \n \nSonoro also announces that it received final approval from the TSXV that the Corporations ten cent warrants that were to expire on March 26, 2020 have been extended to December 30, 2020. \n\n \n \nThe Corporation continues to progress on partnership developments and the work program for the Selat Panjang PSC in Indonesia. A full update on all project developments will be provided as soon as the Company has concluded on various aspects. \n\n \n \nForward-looking Statements\n\n\n \nCertain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-loo...