TSX Venture Exchange Symbol: SNV
CALGARY, March 9 /CNW/ - Sonic Technology Solutions Inc. ("Sonic") (TSXV: SNV) is pleased to announce that it is increasing the size of its previously announced non-brokered private placement unit offering to a maximum of 44,444,444 units at a price of $0.09 per unit for gross proceeds of up to $4 million. Each unit is priced at $0.09 and is to be 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 intends to pay a finders' fee in connection with this private placement based on the gross proceeds realized from subscribers referred to Sonic by the finders with such finder's fee payable in one or more of cash, warrants and shares of Sonic.
The proceeds from the private placement will be used for general working capital requirements and to advance the commercialization of the PetroSonic process, including the recently announced joint venture in Albania. Closing of the private placement is expected to occur by March 25, 2010, subject to the satisfaction of standard conditions, including the receipt of all necessary regulatory and TSX Venture Exchange approvals. The securities issued pursuant to this private placement will be subject to a four-month hold period. The securities will not be registered with the U.S. Securities and Exchange Commission and may not be offered or sold within the United States without registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933 and any applicable state securities laws.
Sonic Technology Solutions Inc. has 75,673,400 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