Non-brokered deal sells 32.55 million shares at C$0.08, a 700% premium
By Devika Patel
Knoxville, Tenn., Oct. 15 - Sonoro Energy Ltd. said it hopes to raise C$2.6 million in a non-brokered private placement of stock. In connection with the placement, Sonoro intends to consolidate its common shares on the basis of one post-consolidation common share for every 10 common shares held.
The company will sell 32.55 million post-consolidation shares at C$0.08 per share. The purchase price is a 700% premium to the C$0.01 closing price of the company's common stock on Oct. 11.
Geopetrol International Holding Inc. will invest C$2.1 million.
Calgary, Alta.-based Sonoro Energy is an international bitumen exploration and development company with interests in asphalt resources in Iraq.
| Issuer: | Sonoro Energy Ltd.
|
| Issue: | Post-consolidation shares
|
| Amount: | C$2,604,000
|
| Units: | 32.55 million
|
| Price: | C$0.08
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Geopetrol International Holding Inc. (for C$2,104,000)
|
| Pricing date: | Oct. 15
|
| Stock symbol: | TSX Venture: SNV
|
| Stock price: | C$0.01 at close Oct. 11
|
| Market capitalization: | C$1.32 million
|
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