Sonoran Energy Closes $8.5 Million Dollar Private Equity Placement
Sonoran Energy (OTCBB: SNRN) has closed its recently announced private equity placement for gross proceeds of $8.5 million. The financing round consisted of several private placements by investors and institutions of which the largest single investment was $2,560,000. This financing will be primarily used to help fund development of the Company's oil and gas projects in Louisiana and Texas, and the Company's oil prospects in the Middle East.
"We are extremely pleased with the confidence the investment community has shown in Sonoran Energy's strategic direction and our plans to grow as an independent oil and gas company," said Peter Rosenthal, Sonoran Energy President and CEO. "The proceeds of the private placement will serve as a catalyst as we develop our domestic oil and gas opportunities, and start work on the PSA in Jordan. We appreciate the quick and positive reaction from investors, and the support and efforts of the investment community."
Rikky Hasan, Managing Director of investment bank MTM Corporate
Finance which led the fundraising commented, "We are very pleased with
the response to this private placement as investors largely comprise
individuals from the Middle East who could provide both insight and
influence to assist Sonoran in its expansion plans for the region."
- Sonoran Provides Operational Progress (Nov 06)
- Sonoran Reports Increase in Proved Oil & Gas Reserves (Jul 17)
- Sonora Pipeline Receives FERC Permits (Jul 12)