Sonoran Energy to Close $7 to $10 Million Private Equity Fundraising Round
Sonoran Energy, Inc. will be closing a $7 to $10 million private equity placement over the next few weeks. Sonoran Energy had originally set a $7 to 10 million target to fund the Company's field development operations at its current assets in the U.S., and to support its projects in the Middle East. The financing round consists of several private placements by investors and institutions of which the largest single investment has been $2,500,000.
"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."
- Sonoran Provides Operational Progress (Nov 06)
- Sonoran Reports Increase in Proved Oil & Gas Reserves (Jul 17)
- Sonora Pipeline Receives FERC Permits (Jul 12)