Sonoro Energy shareholder Amira rejects C$2.6 million stock placement

Deal gives Geopetrol concentrated control of the company, Amira says

By Devika Patel

Knoxville, Tenn., Nov. 27 - Sonoro Energy Ltd. shareholder Amira Industries NV said it has voted to reject the company's planned C$2.6 million non-brokered private placement of stock, which priced on Oct. 15.

Amira claims that the placement has been structured in a way that concentrates Geopetrol International Holding Inc.'s control of the company at the expense of all other shareholders. If the stock sale is approved, Amira said in a press release, Geopetrol will increase its 17.4% holding to 52.4%, at a price 20% below the market price and dilute the company's outstanding share capital by 55%.

Further, Amira said it believes that Geopetrol is privy to information not available to minority shareholders and is being permitted to circumvent investor protections which apply to takeover bids under Canadian securities laws.

Amira concluded by saying it hopes the board of directors will consider alternatives that would address both the best interests of Sonoro and its shareholders.

Vancouver, B.C.-based Sonoro Energy provides process solutions for specific industry sectors utilizing the advantages of sonic energy, referred to as a Sonoprocess.

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