(via Thenewswire.ca)
Calgary, Alberta / TheNewswire / April 28, 2016 - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV: SNV) is pleased to announce the closing of the first tranche (the "First Tranche") of the non-brokered private placement ("the Offering") as announced on March 8, 2016 and further updated on April 26, 2016. Pursuant to the First Tranche, Sonoro issued 48,000,000 common shares (the "Common Shares") at a price of $0.005 per share for gross proceeds of Cdn $240,000. The Common Shares will be subject to a holding period of four months plus one day. The Offering is made pursuant to a waiver granted by the TSX Venture Exchange ("TSX Venture") which permits the Company to offer the Common Shares at a price below the TSX Venture's $0.05 minimum pricing requirement.
Sonoro paid finders' fees in connection with the closing of the First Tranche in the aggregate amount of Cdn $3,000. Management and insiders subscribed for 10,000,000 common shares (Cdn $50,000) under the First Tranche.
The Company expects to close on the remaining tranche (the "Final Tranche") for additional gross proceeds of at least Cdn $860,000 and up to Cdn $1,260,000, representing an additional issuance of at least 172,000,000 common shares and up to 252,000,000 common shares, on or about May 30, 2016. The closing of the Final Tranche is expected to be concurrent with the closing of the Acquisition and the Option (together, the "Transaction"), as previously announced and discussed on March 8, 2016 and further updated on April 26, 2016. The Offering and the Transaction closings will be subject to final approval from the TSX Venture. Sonoro anticipates holding a special and annual general meeting (the "Meeting") on or about June 20, 2016, whereby a consolidation of ten for one common share will be voted upon.
The proceeds of the Offering are intended to be used primarily to fund exploration activities relating to the Budong Budong PSC, the exercise of the Option, legal and printing expenses relating to the holding of the Meeting and for general corporate purposes.
Sonoro Energy Ltd. now has 104, 413,240 common shares outstanding, and trades on the TSX Venture Exchange under the symbol SNV.
About Sonoro
Sonoro is an international oil and gas resource exploration and development company. The Company's primary focus had been on its asphalt license agreement in the Salah ad Din province. With this license under Force Majeure since July 3, 2014 and requiring additional federal approval, the Company is refocusing its efforts to Southeast Asia in connection with the Transaction.
Forward-looking Statements
This press release contains "forward-looking statements" which may include estimates of future production, cash flows and earnings, business plans for the development of markets and the estimated amounts and timing of capital expenditures, the completion of capital raising and other statements about future events (often, but not always, using words or phrases such as "expects", "anticipates" or "intends" or stating that certain events or results "may" be achieved).
Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. Forward-looking statements are based on the estimates and opinions of the management team at the time the statements are made.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated.
The Company has no obligation to update these forward-looking statements should circumstances or management's estimates or opinions change.
Persons reading this release should be aware that our future performance is subject to a wide range of risk factors including:
-the Company's inability to raise sufficient funds to complete the Offering and the Transaction
-volatility in market prices for oil, natural gas and other hydrocarbons
-economic conditions internationally
-industry conditions (including changes in laws and regulations)
-the results of technology development and commercial development of that technology
-the ability of the Company to access new markets and secure partners to develop those markets
-unexpected changes in the development of the Company's technology
-the Company's ability to access sufficient capital
All of these factors are beyond the Company's control and may have a material negative effect on the Company's performance.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD OF SONORO ENERGY LTD.
"Richard Wadsworth" Chairman and CEO
Suite 600, 520-5th Ave S.W.
Calgary, Alberta T2P 3R7
Tel: (403) 262-3252
Web Site: http://www.sonoroenergy.com/
This press release is not to be disseminated in the United States
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