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Private Placement: Sonoro Energy (TSXV:SNV)

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The company is looking to raise gross proceeds of up to $400,000 from the placement of up to 8 million units priced at $0.05 per unit. The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.10 for 24 months, subject to an acceleration clause.

Additional Information:

Company: Sonoro Energy
Website: http://www.SonoroEnergy.com
Stock Symbol: TSXV: SNV
Date Published: Apr 26, 2021
Transcript: Available

Video Transcript:

I’m Megan Edwards for InvestmentPitch Media
Sonoro Energy has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $400,000 from the placement of up to 8 million units priced at $0.05 per unit.

The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.10 for 24 months, subject to an acceleration clause.

Management and Insiders will be subscribing for a large portion of the private placement.

In addition to the usual accredited investor exemption, the units will be made available to current shareholders.

The shares are trading at $0.045.

Proceeds will be used for third party technical studies to improve the geological and reservoir model of the Pematang reservoirs within the Selat Panjang project area in Sumatra, Indonesia and general working capital purposes.

David Kirk, a Petroleum Engineer with 35 years’ experience in the upstream industry, recently joined the company as President and CEO.

David’s career has given him exposure to the breadth of the value chain, both technical and commercial.

He has worked in diverse cultural settings, with projects in the UK, West and North Africa, Russia, Australia, New Zealand, Papua New Guinea and Indonesia.

David Kirk, President and CEO, stated: “I am very pleased to take on my role with Sonoro and excited to unlock the value in our Selat Panjang PSC. To this end, the team are focused on re-invigorating discussions with our Joint Venture Partner, to resolve all outstanding issues and to progress the project to the benefit of all stakeholders. In parallel we continue with technical studies of the discovered reservoirs to ensure we are well positioned to deliver that value."

The Selat Panjang PSC, an approximately 940-square-kilometer area located in Riau province, Central Sumatra, is approximately 120 kilometers southwest of Singapore.

Sonoro has a 25% interest in the project, with an option to acquire an additional 24% following completion of project milestones, with Sonoro being the operator of the project.

Geologically, the PSC acreage is within a very prolific hydrocarbon basin and surrounded by several major PSCs that produce more than 45% of Indonesia’s current oil production.

A 50,000-barrel-per-day refinery is located 65 kilometers to the north of the block in Sumatra.

For more information, please visit the company’s website, www.SonoroEnergy.com, contact Dean Callaway CFO, at 403-262-3252 or email information@SonoroEnergy.com.

I’m Megan Edwards for InvestmentPitch Media