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Sonic enters into project and financing agreement for PetroSonic heavy oil upgraders with EnergyInvest
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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\nTHE UNITED STATES/\n\nTSX Venture Exchange Symbol: SNV\n\n\nVANCOUVER, Dec. 24 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or\n"the Company") today announced that it has entered into an agreement with\nEnergyInvest Limited ("EnergyInvest") to identify, secure, finance and\ncollaborate on specific PetroSonic heavy oil upgrading projects. PetroSonic is\na wholly-owned subsidiary of SONIC which owns and controls the Company's heavy\noil upgrading process based on proprietary sonication and oxidation\ntechnology. EnergyInvest will identify and finance heavy oil upgrading\nprojects based on the PetroSonic upgrading process. Under the terms of the\nagreement the parties will identify an initial project within 90 days.\nEnergyInvest will provide up to $5 million in project costs for the initial\nproject for engineering, construction and operation of a heavy oil upgrading\nfacility.\n\n\nPetroSonic will license each project royalty free and, in return, SONIC\nwill have a direct working interest in each project. EnergyInvest will also\nlicense to the project relevant upgrading technology depending on the project.\nThe specific structure of each project will vary according to resource\nownership and the nature of the financing and oil supply agreements. SONIC and\nEnergyInvest will each have the right to participate in up to 40% of the\ndirect project interest net of the financing and oil supply interests. Sonic\nand EnergyInvest may both identify potential projects for collaboration under\nthe agreement. The agreement provides for SONIC or EnergyInvest to directly\nparticipate in the project financing at their discretion.\n\n\nThe Company also announced a non-brokered private placement (the "Private\nPlacement") in which EnergyInvest Limited ("EnergyInvest") will participate as\nthe lead investor in the amount of $250,000. The financing is to assist in\nmeeting the capital requirements of the Company relating to its heavy oil\nupgrading process. The Private Placement will be for up to 10,000,000 units\n(the "Units") of the Company at a price of $0.05 per Unit. Each Unit will\nconsist of one common share and one common share purchase warrant of the\nCompany. Each whole common share purchase warr...