44M SHARES ON THEIR WAYWondering what everyone's thoughts are about when these shares hit the market next week?
Calgary, Alberta – 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 .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 .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 .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 .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.
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