By Susanna Moon
Chicago, March 4 - Sonic Technology Solutions Inc. announced a non-brokered private placement of units for proceeds of up to C$2.5 million.
The company will sell up to 27,750,000 units at a price of C$0.09 per unit.
Each unit consists of one common share and one warrant, with each warrant exercisable into one common share for two years after closing at an exercise price of C$0.18 per share.
Sonic said it may expedite expiry of the warrants if the common shares trade above a weighted average of C$0.36 for 20 consecutive trading days.
Proceeds will be used for working capital and to advance the commercialization of the PetroSonic process, including the recently announced joint venture in Albania.
The placement is expected to close by March 31.
Sonic Technology is a development-stage company based in Vancouver.
| Issuer: | Sonic Technology Solutions Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,497,500
|
| Units: | 27.75 million
|
| Price: | C$0.09
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Pricing date: | March 4
|
| Stock symbol: | TSX Venture: SNV
|
| Stock price: | C$0.12 at close March 3
|
| Market capitalization: | C$7.57 million
|
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