NEX COMPANY:
SONORO ENERGY LTD. ("SNV")
[formerly Sonoro Energy Ltd. ("SNV.H")]
BULLETIN TYPE: Graduation from NEX to TSX Venture, Symbol Change, Property-Asset or Share Purchase Agreement, Private Placement-Non-Brokered
BULLETIN DATE: September 13, 2023
NEX Company
Graduation from NEX to TSX Venture, Symbol Change
The Company has met the requirements to be listed as a TSX Venture Tier 2 Company. Therefore, effective on Friday, September 15, 2023, the Company's listing will transfer from NEX to TSX Venture, the Company's Tier classification will change from NEX to Tier 2 and the Filing and Service Office will change from NEX to Calgary.
Effective at the opening, Friday, September 15, 2023, the trading symbol for the Company will change from SNV.H to SNV. The Company is classified as an 'Oil & Gas' company.
Property-Asset or Share Purchase Agreement
TSX Venture Exchange has accepted for filing documentation with respect to the arm's length farm-in agreement pursuant to which the Company will be the operator and earn a 70% working interest in certain oil and gas assets in the Western Canadian Sedimentary Basin. In consideration for acquiring the 70% working interest, the Company must drill up to 5 wells on the assets with the first well scheduled to spud by September 30, 2023.
CASH ($) SECURITIES WORK EXPENDITURES ($)
CONSIDERATION Nil 666,667 $5,000,000
For further details, please refer to the Company's news releases dated June 1, 2023, June 7, 2023, June 14, 2023, July 28, 2023 and August 25, 2023.
Private Placement-Non-Brokered
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on August 25, 2023:
Number of Shares: 29,223,595 shares
Purchase Price: $0.06 per share
Warrants: 29,223,595 share purchase warrants to purchase 29,223,595 shares
Warrant Exercise Price: $0.12 for a one-year period
$0.12 for a two-year period
Number of Placees: 26 placees
Insider / Pro Group Participation:
Placees # of Placee (s) Aggregate # of Shares
Aggregate Existing Insider Involvement: 3 1,583,333
Aggregate Pro Group Involvement: N/A N/A
Aggregate Cash Amount Aggregate #
of Shares Aggregate #
of Warrants
Finder's Fee: N/A N/A N/A
The Company issued a news release on September 8, 2023 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
Capitalization: unlimited shares with no par value of which
187,834,077 shares are issued and outstanding
Escrow: Nil shares
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