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TSX Venture Exchange Symbol: SNV
VANCOUVER, June 13 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or
the "Company") today announced that it has closed the private placement (the
"Placement") first announced on May 12, 2008. Under the Placement, the Company
issued an aggregate total of 5,249,332 units (the "Units") to subscribers at a
price of $0.30 per Unit, with each Unit consisting of one common share and
one-half of one common share purchase warrant, for gross proceeds of
approximately $1,574,800 (the "Proceeds"). Each full warrant is exercisable
for a period of one year at a price of $0.45 per common share purchase
warrant. All common shares and warrants issued pursuant to the Placement will
be subject to a four month hold period from the date of issuance.
CEO Adam Sumel commented: "This strategic financing was undertaken as
part of the Company's plans to move ahead rapidly with its heavy oil upgrading
developments. The Company will now be taking certain strategic intiatives to
this end, some of which have been previously announced."
In its role as agent to the brokered portion of the Placement (the
"Brokered Placement"), Becher McMahon Capital Markets Inc. (the "Agent")
placed approximately $1,070,000 of the Proceeds, with the Company placing the
remainder. For its services, the Agent received a cash commission equal to 8%
of the proceeds of the Brokered Placement and was granted broker warrants
entitling it to purchase that number of Units equal to 10% of the Units sold
under the Brokered Placement. The broker warrants will be exercisable at a
price of $0.30 per Unit for 12 months from the closing date.
The Placement is subject to final acceptance from the TSX Venture
Exchange Inc. and all other necessary approvals. All securities issued under
the Placement will be subject to a four month hold period under applicable
Canadian securities laws.
The securities being offered have not, nor will they be registered under
the United States Securities Act of 1933, as amended, and may not be offered
or sold within the United States or to, or for the account or benefit of, U.S.
persons absent U.S. registration or an applicable exemption from the U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.
SONIC develops and markets Sonoprocess(TM) technologies based on the
Company's core sonic generator technology. The Company recently announced that
it will acquire an additional upgrading process from Northern Oil Research
Technologies Inc. to compliment the process developed by PetroSonic Energy
Systems Inc., which the Company recently announced will become a wholly owned
subsidiary of SONIC.
- Sustainable - Efficient - Economic -
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 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. 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
For further information:
For further information: Adam Sumel, CEO, SONIC Technology Solutions
Inc., Tel: (604) 736-2552, Email: info@SONICTSI.com; John McMahon, Becher
McMahon Capital Markets Inc., Tel: (647) 426-1660, www.SONICTSI.com