"When we decided several months ago to undergo this process, our goal was to fund the equity portion of our domestic operations. This would enable the Company to aggressively start the development of its oil production in the fields that we currently own," said Peter Rosenthal, Sonoran Energy President and CEO. "Due to the positive response the Company has received in the Middle East and Europe, we are pleased to announce we are now in a position to close on this private equity round."
Rikky Hasan, Managing Director of investment bank MTM Corporate Finance which led the fundraising stated, "The private placement is being executed at or around market price, which is a reflection of the strong demand for Sonoran stock and confidence in Sonoran's management and their strategy for value creation. We have been pleased with the progress to date as much of the appetite for this round has come from the Middle East, which is a key strategic region for the Company."
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