CALGARY, Canada (Feb. 25, 2019) –- Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV) announces its intention to complete a non-brokered private placement common share/warrant unit financing to support ongoing activities in Indonesia. Each unit consists of one $0.03 common share (a “Common Share”) and one common share purchase warrant (a “Warrant”) of the Company, where each whole Warrant entitles the holder to purchase one Common Share within two years at a price of $0.05 per Common Share. The financing will be issued under the ‘Discretionary Waivers of $0.05 Minimum Pricing Requirement’ of the TSXV, whereby the Company’s financing is less than $500,000. As a result of the TSXV waiver, no consolidation of shares is required.
Sonoro intends to use the proceeds of the funding to i) participate in the 2019 Indonesia Conventional Oil and Gas first bid round, ii) complete a partnership agreement with its Indonesian partner iii) discuss the Company’s reinstatement of the Budong Budong PSC with the Ministry of Energy in Indonesia and iv) general working capital purposes.
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