Calgary (pcJ News Briefs) – Sonoro Energy Ltd. (TSX-V: SNV) has completed first tranche of its previously announced $3.3 million non-brokered private placement, issuing 89,954,664 units at $0.03 per unit for gross proceeds of $2,698,640.
Sonoro Energy expects to close on a final tranche for additional gross proceeds of about $600,000 on or about May 12, 2017.
Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at $0.05 per share for a period of two years.
Sonoro Energy 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 commenced planning for a one to two well appraisal drilling program on the Budong Budong license offsetting the LG-1 well.
photo credit: Sonoro Energy