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PetroSonic Oil Upgrading Process
PetroSonic now SONIC Subsidiary - Validation Testing Successful TSX Venture Exchange Symbol: SNV ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\nPetroSonic now SONIC Subsidiary - Validation Testing Successful\n\n\nTSX Venture Exchange Symbol: SNV\n\n\nVANCOUVER, Sept. 24 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or\n"the Company") today confirmed that it has concluded the transactions\nannounced previously to make PetroSonic Energy Systems Inc. a wholly owned\nsubsidiary of the Company and for Dr. David Kahn to expand his contract role\nto develop PetroSonic. Details of both agreements were first announced on\nApril 30th 2008 and May 6th 2008.\n\n\nThe conclusion of these agreements also signifies that the Company has\nsuccessfully demonstrated the application of the PetroSonic upgrading process\non a range of heavy oils supplied by Canadian, USA and international\nproducers. The Company is now engaged in securing contracts for the PetroSonic\nupgrading process and in commencing the engineering and construction of its\nfirst plant.\n\n\nThe TSX Venture Exchange has now approved the terms of the agreement with\nDr. Kahn and DK True Energy Development LLC, amended as follows:\n300,000 options at an exercise price of $0.30; warrants (the "Warrants") for\nthe purchase of 500,000 common shares of the Company upon the construction of\na heavy oil upgrade demonstration plant; and common shares of the Company (the\n"Incentive Shares") to be issued based on the achievement of milestones\nrelated to the installation of subsequent heavy oil upgrading plants, equal to\na value of $150 per barrel/day of installed upgrading plant processing\ncapacity for the first four plants. The exercise price for the Warrants and\nthe deemed price per share for the Incentive Shares will be based on the\nmarket price of the Company's common shares on the date that the relevant\nmilestone is achieved. All securities issued by the Company pursuant to the\nagreement with Dr. Kahn and DK True Energy Development LLC will be subject to\na four-month hold period following the date of issue.\n\n\nAbout PetroSonic\n\n\nPetroSonic is the exclusive licencee for a heavy oil upgrading process\nutilizing proprietary technology developed or owned by SONIC. The upgrading\nprocess incorporates de-asphalting and oxidation stages in a low temperature\nand pressure process. PetroSonic is marketing its upgrading process initially\nto small oil producers on a tolling...