Business
Sonoro Responds to Misleading Statements in Amira News Release
CALGARY , Nov. 29, 2013 /CNW/ - It has come to the attention of Sonoro Energy Ltd. ("Son...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Nov. 29, 2013 /CNW/ - It has come to the attention of Sonoro\n Energy Ltd. (\"Sonoro\" or \"the Company\") (TSX-V: SNV) that Amira\n Industries N.V. (\"Amira\") has disseminated a news release (the \"Amira\n News Release\") indicating its intention to vote against Sonoro's\n proposed private placement (the \"Private Placement\") of up to\n 32,550,000 common shares (\"Common Shares\") at the upcoming special\n meeting of Sonoro on December 5, 2013 called to consider a proposed\n consolidation (the \"Consolidation\") of Sonoro's Common Shares on a 10\n for one basis and the Private Placement (the \"Sonoro Meeting\").\n\n\nSonoro wishes to thank its shareholders for their support of the\n Consolidation and Private Placement and urges shareholders that have\n not already done so to tender their vote prior to the proxy deadline of\n 2:00 p.m., Calgary time, on December 3, 2013. The completion of the\n Consolidation and Private Placement is integral to our objective of\n allowing the Company to confirm its rights in Salah ad Din Province\n and, ultimately, to commence field operations to capture the resource\n opportunity under our License (as defined below).\n\n\nThe purpose of this news release is to address misleading statements in\n the claims made in the Amira News Release.\n\n\n\n\n\n\n\n1.\n\n\nClaim: Amira believes that the Proposed Placement is a value destructive\n initiative being undertaken by Sonoro, whose main purpose appears\n designed to protect the position of both a controlling shareholder and\n management at the expense of shareholders.\n\n\n\n \n \n\n\n \n\nResponse: The Private Placement was selected following an extensive and proactive\n consideration of alternatives involving financial, legal and other\n advisors as the best means for addressing Sonoro's immediate and\n pressing working capital needs. Additionally, Sonoro notes that under\n the terms of its license agreement (the \"License\") with the Salah ad\n Din Province and Amira's subsidiary, Berkeley Petroleum Mesopotamia\n Asphalts Limited (\"Berkeley\"), in the event of an insolvency of Sonoro, Berkeley will have the right to\n assume Sonoro's rights under the License such that Amira has a direct\n financial incentive in Sonoro failing to address its immediate working\n capital needs.  As a consequence, all of Amira's ...