Business
Sonic financing for heavy oil upgrading
/NOT FOT DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TSX Ve...
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, Jan. 14 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or\n"the Company") today announced that it has closed the private placement first\nannounced on December 24th 2008 (the "Private Placement"). Under the Private\nPlacement, the Company issued an aggregate total of 10,800,000 units (the\n"Units") to subscribers at a price of $0.05 per Unit, with each Unit\nconsisting of one common share and one common share purchase warrant, for\ngross proceeds of $540,000. Each warrant is exercisable for a period of six\nmonths at a price of $0.10 per common share purchase warrant.\n\n\nAs announced December 24th 2008, EnergyInvest will also provide up to\n$5-million for the initial project for engineering, construction and operation\nof a heavy oil upgrading facility.\n\n\nThe Company paid a cash finder's fee equal to 5% of the proceeds on\n$250,000 of the Private Placement. All securities issued under the Private\nPlacement will be subject to a four month hold period under applicable\nCanadian securities laws. The securities being offered have not, nor will they\nbe registered under the United States Securities Act of 1933, as amended, and\nmay not be offered or sold within the United States or to, or for the account\nor benefit of, U.S. persons absent U.S. registration or an applicable\nexemption from the U.S. registration requirements. This release does not\nconstitute an offer for sale of securities in the United States.\n\n\nAbout SONIC and PetroSonic\n\n\nPetroSonic is a wholly owned subsidiary of SONIC and the exclusive\nlicensee of a heavy oil upgrading process utilizing proprietary processes and\nsonic reactor technology developed and owned by SONIC. The PetroSonic\nupgrading process incorporates de-asphalting and oxidation stages in a low\ntemperature and pressure process.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release. Statements in\nthis release that are forward-looking statements are subject to various risks\nand uncertainties concerning the specific factors disclosed under the heading\n"Risk Factors" and elsewhere in the Company's periodic filings ...