NewsI nice way of telling the shareholders the company is toast.
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Sonoro Energy pursues bitumen, asphalt projects in Iraq
2014-04-03 17:10 ET - News Release
Mr. Richard Wadsworth reports
SONORO PROVIDES Q1 2014 IRAQ UPDATE
Sonoro Energy Ltd. has provided an update on its progress in Iraq toward establishing an exploration, production and development project for bitumen/asphalt
resources.
During the first quarter of 2014, management of the company met several times with both provincial and federal officials in Iraq to determine a way forward to pursue bitumen/asphalt projects in Iraq. The company has received a positive response to its efforts, and management is of the opinion that it is feasible to achieve a form of federal approval to pursue the development of bitumen/asphalt resources. The company emphasizes that there can be no guarantee that such an approval will be granted. Assuming the necessary approvals are received and the relevant documents are executed, the company then plans to commence on-the-ground shallow geological investigations together with data gathering operations for bitumen/asphalt resources that it has identified.
The company participated in Canada's first mission to Iraq in over 25 years from Feb. 7 to 17, 2014, with a Canadian delegation that included Canada's Minister of State, the Canadian ambassador to Iraq, the Iraqi ambassador to Canada, Canadian government personnel and representatives of other businesses. The trip provided an opportunity to meet with senior Iraqi federal government officials, along with several provincial investment commissions and numerous Iraqi companies. This successful mission provided further support to the company's continuing efforts to obtain a federally approved licence.
Given the upcoming general elections in Iraq occurring at the end of April and the subsequent period it may take to form a new Iraqi government, the company recognizes that additional delays may occur. As a result of these factors, the company will be open to investigating other opportunities while also continuing in its efforts to streamline its cost and expense structure.
We seek Safe Harbor.