By Sheri Kasprzak
New York, March 27 - Sonic Environmental Solutions Inc. said it has completed its previously announced private placement for C$2,517,500.
The company issued 2,797,223 units at C$0.90 each on a non-brokered basis.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$1.20 for two years.
The deal priced March 3 as a C$2.5 million offering of up to 2,777,777 units.
Proceeds will be used for the preparation of the company's mobile polychlorinated bi-phenyl soil remediation treatment plant for use on projects in Canada. The rest will be used for general corporate purposes.
Based in Vancouver, B.C., Sonic develops technologies to remove toxins from the soil.
| Issuer: | Sonic Environmental Solutions Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,517,500
|
| Units: | 2,797,223
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.20
|
| Placement agent: | Non-brokered
|
| Pricing date: | March 3
|
| Settlement date: | March 27
|
| Stock symbol: | TSX Venture: SNV
|
| Stock price: | C$1.00 at close March 3
|
| Stock price: | C$0.99 at close March 27
|
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