Senoro announces closing of private placement, acquisition
Wednesday, June 8 2016 - 10:56 AM WIB
Sonoro Energy Ltd. announced on Tuesday that the non-brokered private placement, the proposed acquisition of all of the issued and outstanding shares of Stockbridge Oil and Gas Ltd. (Stockbridge) (Transaction) and the Option Agreement (Option) have each closed, as described further below.
The non-brokered private placement or ?Offering? was closed in two tranches. The first tranche closed on April 28, 2016 with the issuance of 48,000,000 common shares in Sonoro for gross proceeds of $240,000 at a price of $0.005 per common share. The final tranche closed on June 7, 2016 with the additional issuance of 193,731,400 common shares in Sonoro for gross proceeds of $968,657 at a price of $0.005 per common share.
Concurrent with the closing of the Offering, the company completed the Transaction and the Option. A total of 250,000,000 and 25,000,000 common shares of Sonoro were issued for the Transaction and the Offering, respectively. Following the completion of the Offering, the Transaction and the Option, Sonoro has a total number of 573,144,640 common shares issued and outstanding.
The company also announced the addition of Mr. William J. Marpe and Mr. Ryszard Kurr to the Board of Directors.
Marpe will also act as the President and General Manager of the Stockbridge entities operating the Budong Budong PSC from Jakarta, Indonesia. Marpe has over 35 years of experience in the oil and gas industry. Prior to assuming his current position, Marpe acted as General Manager for Petcon Borneo, the holder of the Palangkaraya PSC located in Central Kalimantan. Before joining Petcon Borneo, he was President of three other successful private oil and gas companies based in Jakarta, Indonesia. Marpe is also a lawyer licensed in the State of Texas, United States.
Kurr has over 30 years of commercial and financial experience in the oil and gas industry, most of that time with BP, Vitol and Glencore. He has lived and worked in Asia, Africa and Europe and has experience in closing transactions across these regions. Kurr is currently involved in establishing and investing in startup and growth energy companies. Kurr has an MA in PPE from Keble College, Oxford.
Editing by Johannes Simbolon