/NOT FOT DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TSX Venture Exchange Symbol: SNV
VANCOUVER, Jan. 14 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or "the Company") today announced that it has closed the private placement first announced on December 24th 2008 (the "Private Placement"). Under the Private Placement, the Company issued an aggregate total of 10,800,000 units (the "Units") to subscribers at a price of $0.05 per Unit, with each Unit consisting of one common share and one common share purchase warrant, for gross proceeds of $540,000. Each warrant is exercisable for a period of six months at a price of $0.10 per common share purchase warrant.
As announced December 24th 2008, EnergyInvest will also provide up to $5-million for the initial project for engineering, construction and operation of a heavy oil upgrading facility.
The Company paid a cash finder's fee equal to 5% of the proceeds on $250,000 of the Private Placement. All securities issued under the Private Placement will be subject to a four month hold period under applicable Canadian securities laws. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
About SONIC and PetroSonic
PetroSonic is a wholly owned subsidiary of SONIC and the exclusive licensee of a heavy oil upgrading process utilizing proprietary processes and sonic reactor technology developed and owned by SONIC. The PetroSonic upgrading process incorporates de-asphalting and oxidation stages in a low temperature and pressure process.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.