"We are extremely pleased with our financing arrangement with Cornell Capital," said Sonoran Energy Chief Financial Officer Rasheed M. Rafidi. "The bridge loan provides us with adequate capital to close on one of the immediate oil and gas acquisition opportunities the Company has, while the SEDA provides Sonoran with a steady source of funding for our current and future acquisition potential."
Marcel Engenheiro, a Senior Vice President at Cornell Capital said, "We look forward to working with Sonoran Energy's new management team as they move steadily forward in increasing and building the Company's portfolio of oil and gas assets in the USA and the international arena. We are eager to assist Sonoran Energy in meeting its ongoing financial needs and we look forward to a long-term relationship with the company."
"Our Standby Equity Facility with Cornell Capital is a financial tool we will have at our disposal allowing Sonoran Energy to proactively raise equity capital at a price and time of our choosing. More importantly, this financial tool allows us to be opportunistic about situations as they arise as well as with the development of our existing properties. This financing agreement greatly complements a debt financing offer that Sonoran Energy is considering with a leading banking institution in the USA", said Sonoran Energy CEO Peter Ostenfeld-Rosenthal.
The financing agreement with Cornell Capital does not restrict Sonoran Energy from securing other sources of Debt or Equity financing.
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