3-6-18 10:03 AM EST | Email Article


March 6, 2018 / TheNewswire / Calgary, Alberta – Sonoro Energy Ltd. (“Sonoro” or “the Company”) (TSX-V: SNV) announces that as part of its non-brokered private placement (the “Offering”) previously announced on February 21, 2018, an officer and director of the Company (the " Insider ") has arranged for the sale of 4,000,000 common shares (“Common Shares”) of the Insider’s personal holdings at a price in context with the market through the facilities of the TSX Venture Exchange (the " Swap "). The Insider intends to use 100% of the proceeds from the Swap to participate in the Offering. Sonoro intends to close the Offering during the week of March 5, 2018, subject to market conditions.

Offering units (“Units”) consisting of one Common Share and one half of one Common  Share purchase warrant (“Warrant”) will be priced at $0.10 per Unit. Each whole Warrant entitles the holder to purchase one Common Share within two years from the closing date of the Offering at a price of $0.20 per Common Share.

The Offering is being made pursuant to certain Canadian prospectus exemptions, including the “existing securityholder” exemption and the “purchasers advised by investment dealers” exemption, where applicable.  Existing shareholders of the Company who wish to subscribe for Units pursuant to the Offering, who held Common Shares of the Company as of February 20, 2018 and who continue to hold Common Shares of the Company, and who are permitted to subscribe under the “existing securityholder” exemption should contact the Company pursuant to the contact information set forth below in order to participate in the Offering.  

About Sonoro

Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in Sulawesi Indonesia. The Company has recently finished drilling the LG-1 Updip well and discovered hydrocarbons, potentially making this a new attractive basin for oil and gas exploration and production.

Forward-Looking Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates," "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this news release contains forward-looking information regarding the Offering, the timing of closing of the Offering, and how the proceeds from the Swap will be used by the Insider.

Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with the Offering failing to be fully subscribed for or not subscribed for at all, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro’s reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of the date of this news release and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

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 .

For further information please contact:

Richard Wadsworth, CEO and Director


Dean Callaway, CFO




Copyright (c) 2018 TheNewswire - All rights reserved.

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