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Sonoro Energy Ltd. Announces Closing of Private Placement, Graduation from the NEX to the TSXV and Drilling Update
(TheNewswire) This press release is not to be disseminated in the United States ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Ltd. Announces Closing of Private Placement, Graduation from the NEX to the TSXV and Drilling Update\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n This press release\nis not to be disseminated in the United States\n \n \n \n \n \n \n Calgary, Alberta -\n \n \n TheNewswire - September 8, 2023\n-\n \n \n Sonoro Energy Ltd. (\"\n \n \n Sonoro\n \n \n \" or the\n\"\n \n \n Company\n \n \n \")\n \n \n (NEX:SNV.H)\n \n \n is pleased to announce the closing of a\nnon-brokered Private Placement of common share units for total gross\nproceeds of $1,753,416 and that the TSX Venture Exchange\n(\"TSXV\") has granted conditional approval for the\nCompany's graduation to TSXV as a Tier 2 Oil and Gas Issuer, subject\nto the Company satisfying conditions.  Assuming satisfaction of such\nconditions, it is expected that the graduation from NEX to TSXV will\noccur on or about Thursday, September 14, 2023.\n \n \n \n \n Each\n \n \n unit of the financing is\ncomprised of one $0.06 common share (a “Common Share”) and one\ncommon share purchase warrant (a “Warrant”) of the Company, where\neach whole Warrant entitles the holder to purchase one Common Share\nwithin two years at a price of $0.12 per Common Share. The securities\nissued in connection with the Offering will be subject to a four month\nand one day hold period from the date of issuance of such securities\nand are subject to TSXV approval.\n \n \n As part of\nthis non-brokered financing, warrants are subject to an acceleration\nclause. This clause states that if, four months and one day after the\nwarrants are issued, the closing price of the common shares of the\nCorporation, on the principal market on which such shares trade, is\nequal to, or exceeds, C$0.15 for 10 consecutive trading days (with the\n10th such trading date hereafter referred to as the “Eligible\nAcceleration Date”), the warrant expiry date shall accelerate to a\ndate 20 calendar days after issuance of a press release by the\nCorporation announcing the reduced warrant term—provided, no more\nthan five business days following the Eligible Acceleration Date,\nthat, the press release is issued; and notices are sent to all warrant\nholders.\n \n \n \n \n Proceeds from the private placement will support\nongoing activities rel...