Proceeds will be used for Iraq project and for general working capital
By Devika Patel
Knoxville, Tenn., Dec. 6 - Sonoro Energy Ltd. said it has arranged a non-brokered private placement of units. It will raise C$5 million.
The company will sell 20 million units of one common share and a half-share warrant at C$0.25 apiece.
Each whole warrant is exercisable at C$0.50 for one year. The strike price reflects a 78.57% premium to the closing share price of C$0.28 on Dec. 3.
Proceeds will be used to advance the company's project in Iraq, including shallow drilling activities, seismic and data acquisition, topping facilities engineering, and for general working capital requirements, including the ongoing development of the company's technologies.
Vancouver, B.C.-based Sonoro Energy provides process solutions for specific industry sectors using the advantages of sonic energy, referred to as a Sonoprocess.
| Issuer: | Sonoro Energy Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5 million
|
| Units: | 20 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 6
|
| Stock symbol: | TSX Venture: SNV
|
| Stock price: | C$0.28 at close Dec. 3
|
| Market capitalization: | C$31.69 million
|
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