Post by
StratCap on Apr 13, 2022 4:34pm
Convertible Debenture with Menara
11. Long-Term Debt and Convertible Debenture Sonoro Energy Ltd., through its wholly owned subsidiary, Zamatra Bakau Straits Ltd. BVI (“Zamatra”) executed a Loan Agreement on October 19, 2019 with PT Menara Global Energi (“Menara”), a company incorporated in the Republic of Indonesia. Under the terms of the Loan Agreement, Zamatra may borrow up to US$4 million from Menara at an interest rate of 8% for US dollar borrowings and 16% for IDR borrowings. Within the Loan Agreement, Zamatra via Sonoro Energy Ltd as the Borrower, issued a convertible debenture for CAD$1,615,382, convertible into Sonoro Energy Ltd. Common shares at CAD$0.085 per share. At the time of issuance (October 10, 2019), the convertible debenture represented approximately 19.9% ownership position in Sonoro. TSXV requirements do not allow for share issuance or potential share issuance if converted, representing above 20% ownership in a company without shareholder approval.
Special Meeting?
Comment by
copperplay on Apr 13, 2022 4:50pm
Trust me strat I wish this were true but at 2 cents and no volume means this project is dead and also the convertible debentures are price at 10 cents which is way off current price All I want to hear with any reverse merger is that Selat is still alive and negotiations are on going
Comment by
StratCap on Apr 13, 2022 5:07pm
Regardless if there is a reverse takeover or not, this liability is going to have to be addressed. Likely through dilution. Do you really want Menara as a shareholder at any point?
Comment by
MJB4231 on Apr 13, 2022 5:11pm
Just boggles the mind that we owe money (Debt) on a project about nothing! FA has been done... Maybe a road
Comment by
StratCap on Apr 13, 2022 5:17pm
I might be mistaken but part of (or all of it) the convertible debenture was SNV's portion of the signing of the PSC. Menara paid the signature bonus and SNV issued the debenture to Menara for their portion. The loan amount of $326,000 owed to Menara is something seperate with no details... maybe for the road.
Comment by
copperplay on Apr 13, 2022 5:26pm
With no news or updates leads me to believe Sonoro owes nothing to partner until a JOA gets signed which is what the convertible debentures were issued for according to Dean so the cat and mouse game continues We need a new project, management and board
Comment by
copperplay on Apr 15, 2022 3:50pm
excellent point and at 2 cents Menera, Selat have no value to add to SNV now or in the future Time to turn the page and get on with life. A new beginning will bring excitement back to longs
Comment by
StratCap on Apr 19, 2022 5:54pm
Silver lining is that Menara will not be a shareholder through the debenture and loan agreement. Unfortunately, with this saga, i still see the share structure is not ideal as it currently sits. Waiting for the Agm and special meeting agenda for any sign of a Share Consolidation resolution.
Comment by
SlyFox1 on Apr 19, 2022 7:13pm
Still seems like SNV hasn't released their ownership yet. They still have the liabilities on the books. I thought if they release the 25% the liabilities would be gone.
Comment by
copperplay on Apr 19, 2022 7:19pm
it will be now, the financials released were Q4 and I assume this was part of any new reverse merger to be done prior and why I think we get news next about restructuring
Comment by
SlyFox1 on Apr 19, 2022 7:27pm
Makes total sense. Hope you are right that fresh blood in coming in soon. be nice to have a pre-market NR tomorrow
Comment by
copperplay on Apr 19, 2022 7:40pm
Yup would be great to get this show on the road tomorrow Sonoro as we know it is over time to turn the page so we can make money