Dec. 6, 2010 (Canada NewsWire Group) --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
TSX Venture Exchange Symbol: SNV
CALGARY, Dec. 6 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or the "Company")
(TSXV: SNV) is pleased to announce a non-brokered private placement of
up to 20,000,000 units at a price of $0.25 per unit for gross proceeds
of up to Cdn $5,000,000. Each unit is to be comprised of one common
share ("common share") and one-half of one warrant, with each whole
warrant exercisable into one common share for a period of one year
after closing at an exercise price of $0.50 per share.
Sonoro intends to pay a finders' fee of 6% in connection with this
private placement based on the gross proceeds realized from subscribers
referred to Sonoro by the finders, with such finder's fee payable in
cash or shares. Management and insiders intend to subscribe for a
minimum of 4,000,000 units ($1,000,000) under the private placement.
The proceeds from the private placement will be used to advance the
Company's project in the Republic of Iraq, including shallow drilling
activities, seismic and data acquisition, topping facilities
engineering and for general working capital requirements, including the
ongoing development of the Company's technologies. Closing of the
private placement may occur in stages and is subject to the
satisfaction of standard conditions, including the receipt of all
necessary regulatory and TSX Venture Exchange approvals. The securities
issued pursuant to this private placement will be subject to a
four-month hold period. The securities will not be registered with the
U.S. Securities and Exchange Commission and may not be offered or sold
within the United States without registration or an applicable
exemption from the registration requirements of the United States
Securities Act of 1933 and any applicable state securities laws.
Sonoro Energy Ltd. has 129,357,454 common shares outstanding, and trades
on the TSX Venture Exchange under the symbol SNV.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements
in this release that are forward-looking statements, including the
amount of the offering and its completion, are subject to risks and
uncertainties, including those specific factors disclosed under the
heading "Risk Factors" and elsewhere in the company's periodic filings
with Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available. The company does not assume the
obligation to update any forward-looking statement except in compliance
with applicable securities laws.
RICHARD WADSWORTH
PRESIDENT & CEO
T +1 403.262.3252
E info@sonoroenergy.com
