Business
Sonic closes previously announced private placement
/(NOT FOT DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES)/ TSX ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\n/(NOT FOT DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE UNITED STATES)/\n\n\nTSX Venture Exchange Symbol: SNV\n\n\nVANCOUVER, June 13 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or\nthe "Company") today announced that it has closed the private placement (the\n"Placement") first announced on May 12, 2008. Under the Placement, the Company\nissued an aggregate total of 5,249,332 units (the "Units") to subscribers at a\nprice of $0.30 per Unit, with each Unit consisting of one common share and\none-half of one common share purchase warrant, for gross proceeds of\napproximately $1,574,800 (the "Proceeds"). Each full warrant is exercisable\nfor a period of one year at a price of $0.45 per common share purchase\nwarrant. All common shares and warrants issued pursuant to the Placement will\nbe subject to a four month hold period from the date of issuance.\n\n\nCEO Adam Sumel commented: "This strategic financing was undertaken as\npart of the Company's plans to move ahead rapidly with its heavy oil upgrading\ndevelopments. The Company will now be taking certain strategic intiatives to\nthis end, some of which have been previously announced."\n\n\nIn its role as agent to the brokered portion of the Placement (the\n"Brokered Placement"), Becher McMahon Capital Markets Inc. (the "Agent")\nplaced approximately $1,070,000 of the Proceeds, with the Company placing the\nremainder. For its services, the Agent received a cash commission equal to 8%\nof the proceeds of the Brokered Placement and was granted broker warrants\nentitling it to purchase that number of Units equal to 10% of the Units sold\nunder the Brokered Placement. The broker warrants will be exercisable at a\nprice of $0.30 per Unit for 12 months from the closing date.\n\n\nThe Placement is subject to final acceptance from the TSX Venture\nExchange Inc. and all other necessary approvals. All securities issued under\nthe Placement will be subject to a four month hold period under applicable\nCanadian securities laws.\n\n\nThe securities being offered have not, nor will they be registered under\nthe United States Securities Act of 1933, as amended, and may not be offered\nor sold within the United States or to, or for the account or benefit of, U.S.\npersons absent U...