TSX Venture Exchange Symbol: SNV
CALGARY, March 30 /CNW/ - Sonic Technology Solutions Inc. ("Sonic") (TSXV: SNV) is pleased to announce the closing of its non-brokered private placement. Sonic issued 44,585,995 units at a price of $0.09 per unit for gross proceeds of approximately Cdn $4.01 million. Each unit is comprised of one common share ("common share") and one warrant, with each warrant exercisable into one common share for a period of two (2) years after closing at an exercise price of $0.18 per share. Sonic will have the right to expedite the expiry of the warrants if the common shares trade above a weighted average of $0.36 for a period of 20 consecutive trading days.
Sonic paid finders' fees in connection with this private placement totalling $178,214.40 in cash and issued a total of 1,980,160 warrants exercisable into one common share for a period of two (2) years after closing at an exercise price of $0.18 per share.
The proceeds from the private placement will be used for general working capital requirements and to advance the commercialization of the PetroSonic heavy oil upgrading process, including the recently announced joint venture in Albania. The securities issued pursuant to this private placement will be subject to a four-month hold period, expiring July 31, 2010.
Sonic Technology Solutions Inc. now has 120,259,395 common shares outstanding, and trades on the TSX Venture Exchange under the symbol SNV.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements, including the amount of the offering and its completion, are subject to risks and uncertainties, including those specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement except in compliance with applicable securities laws.
SOURCE Sonoro Energy Ltd.
For further information: For further information: please contact Richard Wadsworth, Chief Executive Officer, at: Tel: (403) 615-6958, Email: info@SONICTSI.com, www.SONICTSI.com