Sonoro Energy Announces Debt Conversion and Settlement
April 29 - Sonoro Energy Ltd. (the "Corporation " or "Sonoro") (TSX Venture: SNV) is pleased to announce that it has reached an agreement with Ezekiel Energy Ltd. (the "Creditor") to convert approximately $250,000 of debt consisting of a loan and accrued interest into common shares of the Corporation ("Shares") at a price of $0.06 per Share (the "Debt Conversion"). The 4,166,667 Shares to be issued pursuant to the Debt Conversion will be subject to a hold period expiring four months and one day after the date of issuance. Following the issuance of the Shares, the Creditor will hold 4,166,667 Shares, or approximately 1.78% of the total issued and outstanding Shares. Further, the Creditor has agreed to forgive the balance of the amounts due from the Corporation (the "Debt Settlement" and, collectively with the Debt Conversion, the "Transactions"). Pursuant to the terms of the Debt Settlement, the Creditor will forgive an aggregate of approximately $1,250,000.
The Transactions are designed to improve the financial condition of the Corporation. The Corporation has insufficient cash on hand, and no immediate source of cash that would be sufficient to satisfy the debts described above. No new "Control Person" (as defined under the applicable policies of the TSX Venture Exchange) will be created pursuant to the Transactions. The board of directors of the Corporation considers the terms of the Transactions to be fair and reasonable to the Corporation having regard to its current circumstances. The TSXV has reviewed the transaction and will need to provide final approval of as per policy requirements.
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, including and without limitation, statements regarding the timing for and expected completion of the Transactions, statements regarding the financial condition of the Corporation, spending commitments, and regulatory approvals (including approvals of the TSXV).
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with 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.sedarplus.ca) 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 the company at:
On behalf of the Board of Directors
of Sonoro Energy Ltd.
Dean Callaway, CFO and Director
info@sonoroenergy.com
+1.403.262.3252
www.sonoroenergy.com
This press release is not to be disseminated in the United States
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