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Sonic Environmental closes $7.2 million financing
ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.
Sonic Environmental closes $7.2 million financing
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Sonic Environmental closes $7.2 million financing
TSX Venture Exchange Symbol: SNV
CANADA, Nov. 5 -/E-Wire/-- Adam Sumel, President and CEO of Sonic Environmental Solutions Inc. (SNV.TSX Venture) is pleased to announce that the Company has closed the previously announced Private Placement. A syndicate led by Haywood Securities Inc. and including Research Capital Corporation and Pacific International Securities Inc. placed 4,000,000 units at a price of $1.80 per Unit for gross proceeds of $7,200,000. A Unit consists of one Common share and one half of a Common Share Purchase Warrant. Each whole Common Share Purchase Warrant entitles the holder to purchase one Common share at a price of $2.10 per Common Share for 24 months from the closing. Net proceeds of the financing will be used to fund construction of the Company's PCB remediation facilities, for general working capital and for corporate development purposes.
Adam Sumel stated: "We are very pleased with the investor response and the expeditious closing of this financing. With the construction of our first PCB destruction facility currently underway, the Company has sufficient cash on hand and the people in place to accelerate our plan for commercial success. This would establish the Company as a global leader in the multi-billion dollar soil remediation market".
Sonic is managed by an experienced management team, backed by a strong technical advisory board, a seasoned board of directors and an experienced operations staff. Sonic trades on the TSX Venture Exchange under the symbol SNV and has 14,961,378 shares issued and outstanding with shareholders in Canada the United States and Europe.
"Adam R. Sumel" President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from targeted results. The Company relies upon litigation protection for forward-looking statements.
SONIC ENVIRONMENTAL SOLUTIONS INC.
Email: [REDACTED-EMAIL]
Cavalcanti Hume Funfer Inc.
Cathy Hume, CEO Tel: [REDACTED-PHONE]
Email: [REDACTED-EMAIL]
Linda Armstrong Tel: [REDACTED-PHONE]
Email: [REDACTED-EMAIL] to be added to the Companyâs private email list for press releases.
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