Sonoran Energy, Inc., the independent oil and gas exploration and production company, announces the completion of the first part of a series of convertible notes in order to secure the necessary funding for the Company’s capital program in Texas and Louisiana.
The financing has been made by two of the Company’s largest share holders. The first tranche consists of $1 Million as a three year convertible note carrying a 10% interest and a fixed conversion price of $0.10 per share. There are no associated warrants.
Peter Rosenthal, Sonoran Energy Chairman & CEO said: “I am pleased with the continued support from two of our largest share holders.”
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