Sonoro Energy Ltd. V.SNV

Pending news

[MJB4231]

The general consensus is that based on a EOM deadline that anything material needs approval or verification requiring a NR PDQ. This has to be our week for some type of update. There is a plethora of items pending. GLTA

[copperplay]

1) $1.5 million being funded how? 2) TSX Venture listing 3) who will step in as CEO  4) Drilling to start when? 5) Investor Relations firm? 6) New project in Kuwait or MENA?

[SlyFox1]

First three this week would be amazing. Would lead to the closing of the farm in project and get rid of the over hanging PP cloud that is keeping us sub 10cents 

[RoyMax123]

Don't forget the reserve report...

[thorgb1]

Reserve report is the big one, that will allow us to actually understand the value of the property, and could open up financing possibilities. Would love to see that drop this week.  

[copperplay]

Don't expect reserve report until they start drilling changes the value of it 

[SlyFox1]

Agreed, and even if they had a draft to suffice the regulator. It wouldn't be released to the market until all covenants on the block (secure of the additional 1.5M) are completed. Hopefully this week covenants are meet.

[thorgb1]

Changes the value of what? If ten RR is ready, it's material and must be released. If it's big, they can very easily debt finance this project. 

[copperplay]

  ask Dean I went through this last time with Selat they cannot show proven reserves until they start drilling or something along those lines They need to raise $1.5 million right now don't you think if they had a report ready it would have been announced?  Now if they raise the money via a short term loan from an insider that is different but the way stock is trading will be a

[thehonesttruth]

PP@.05 coming up!!!

[SlyFox1]

If we don't see one after hours tonight I don't think we see one. If there is I would expect it to be iwth a strategic investor. But thinking convertible debt or a loan will the the outcome 

[copperplay]

you could be right Sly money is due July 31st so it must be finalized in the next few days in order to receive in time.

[copperplay]

  chomp chomp nice bid at 7.5 let's see 9 cents today 

[MJB4231]

Ya that's not happenin... Bids not there. This is feeling like it's being held here. We've had multiple opportunities to break 0.8 and always brought back. We have more feet dragging. Prove me wrong management 

[copperplay]

If it is being held down usually means a financing is coming but at this point who cares the people buying up the pp will want to push this up to 20 cents 

[thorgb1]

Definitely doesn't look like it's trading freely at this point. Been stuck here for a week. Prob setting price for a PP or hopefully a convertible debenture. At this point don't really care just want them to close it and share more about the project and the future. If the project is big enough it will absorb the news shares. 

[copperplay]

  25 million shares at 7 cents not bad and will bring new money in 

[MJB4231]

If a PP happens it would be @ 0.06 or 0.065 at this current level. 

[MehmetPasha]

Basis that logic.... looos more like 7 basis the 8.5 close 

[SlyFox1]

interesting to see it driven to 8.5 close. 

[ark88]

The PP that closed in May of $500k I believe is the max allowed under NEX board regulations. The news of the $1.5+ mil. raise will then have to be coincident with the uplisting. IMHO, this will news will have to drop this week or at the latest next week for Sonoro to meet the July 31st deadline to close the Agreement.

[copperplay]

  yes this is 100% correct 

[SlyFox1]

I think the 500k is the maximum for a 12 month period as well.  Page 6  https://apps.tmx.com/en/pdf/NEX-Policies.pdf

[RoyMax123]

Ark, As far as I can tell they cannot uplist to TSXV right now since they don't fullfill the requierment on 1 maybe 2 point.   1. They need to have a CEO   2. On the property requirement:   For Exploration – $3,000,000 in reserves of which a minimum of $1,000,000 must be proved developed reserves and the balance probable reserves. For Producing – $2,000

[thorgb1]

Interesting find. Per the last update, the financing triggers closure of the farm-in, and the expectation was uplisting as well, so I don't think they would have missed these requirements. Maybe we get a mega update soon, though it's not trading like I expected today if news was imminent. We will see.