/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TSX Venture Exchange - Symbol: SNV
VANCOUVER, April 20 /CNW/ - Sonic Environmental Solutions Inc. (SNV-TSX
Venture Exchange) (the "Company") today announced that it has entered into an
agreement with Clarus Securities Inc. (the "Underwriter") pursuant to which
the Company has agreed to issue and sell by way of underwritten private
placement, an aggregate of 8,888,890 units (the "Units") of the Company at a
price of $0.45 per Unit, resulting in gross proceeds of $4,000,000.50.
Each Unit will consist of one common share and one-half of one common
share purchase warrant of the Company. Each whole common share purchase
warrant will entitle the holder to purchase one common share of the Company at
a price of $0.60 per common share for a period of 24 months from the closing
of the offering.
The Underwriter will receive a cash commission equal to 7% of the gross
proceeds of the offering and will be granted a number of compensation options
equal to 10% of the total number of Units sold pursuant to the offering. Each
compensation option will entitle the holder to acquire one Unit under the same
terms and conditions of the offering, for a period of 24 months from the
closing of the offering.
Net proceeds of the financing are intended to be used by the Company to
fund research and development on additional applications, working capital and
general corporate purposes.
This private placement is subject to receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange. The Units will
be offered in certain provinces of Canada by way of private placement pursuant
to applicable prospectus exemptions. Closing of the offering is expected to
occur on or about May 3, 2007.
The Company also reserves the right, on an agency basis, to increase the
aggregate gross proceeds of the financing to $5,500,000, upon further
agreement between the Company and the Underwriter.
Sonic develops and markets Sonoprocess(TM) technologies utilizing the
Company's patented sonic generators, the only large scale industrial
application of sonic energy. The Sonic Treatment System for the remediation of
soils contaminated with persistent organic pollutants such as PCB is marketed
in North America and internationally, combining a patented de-chlorination
Sonoprocess(TM) with our Terra-Kleen solvent extraction process. Sonic is
currently developing further proprietary Sonoprocess(TM) applications in
collaboration with industry partners to better meet the needs of major process
industries such as concrete and oil.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The offered
securities mentioned in this press release will not be registered under the
United States Securities Act of 1933, as amended (the "US Securities Act") and
may not be offered or sold within the United States or to, or for the account
or benefit of U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction.
This press release contains "forward looking statements" within the
meaning of applicable Canadian securities legislation. The words "could",
"plan", "expect", "estimate", "anticipate", "project", "predict", "intend",
"may", "potential", "believe" and similar expressions and variations thereof
are forward-looking statements. These include, but are not limited to,
statements respecting anticipated business activities, planned expenditures,
corporate strategies, and participation in projects and financing and any
other statements that are not historical facts. Statements in this release
that are forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the heading
"Risk Factors" and elsewhere in the Company's periodic filings with Canadian
securities regulators. Although the Company believes that its expectations
reflected in these forward-looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statements. Such
information contained herein represents management's best judgment as of the
date hereof based on information currently available. The reader is cautioned
not to place undue reliance on forward-looking statements. The Company
undertakes no obligation to publicly revise these forward-looking statements
to reflect events or circumstances that arise after the date of this filing.
You should carefully review the cautionary statements and risk factors
contained in this and other documents that we file from time to time with the
Canadian securities regulators.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Robin Cook, Account Manager, CHF Investor
Relations, Tel: (416) 868-1079 ext. 228, Fax: (416) 868-6198, Email: