Proceeds will be used for Iraq project and for general working capital
By Devika Patel
Knoxville, Tenn., Dec. 16 - Sonoro Energy Ltd. said it has received significant interest in a non-brokered private placement of units that priced for C$5 million on Dec. 6 and has consequently increased the offering. It will now raise C$15 million.
The additional funds will be raised through Macquarie Capital Markets Canada Ltd.
The company will now sell 60 million units of one common share and a half-share warrant at C$0.25 per unit.
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$15 million
|
| Units: | 60 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 (for C$5 million), Macquarie Capital Markets Canada Ltd. (for C$10 million)
|
| Pricing date: | Dec. 6
|
| Upsized: | Dec. 16
|
| Stock symbol: | TSX Venture: SNV
|
| Stock price: | C$0.28 at close Dec. 3
|
| Market capitalization: | C$34.92 million
|
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