Petrosonic Energy, Inc. (OTCPK:PSON) announced a private placement of 12,610,000 common shares at $0.25 per share for gross proceeds of $3,152,500 on January 16, 2013. The company issued the securities to two investors pursuant to Regulation D and/or Regulation S. The company also issued a warrant to each investor to purchase 100,000 shares of the company at an exercise price of $0.50 per share for a period of five years from the date of issuance. The company received net proceeds of $3,077,500. Colorado Financial Services and Frank Seifert acted as placement agents to the company for the transaction. The company paid a cash fee of $75,000 and issued an aggregate of 75,000 common stock warrants exercisable at a price of $0.50 per share for a period of two years. Mark C Lee of Greenberg Traurig LLP acted as legal advisor to the company.


On January 16, 2013, Petrosonic Energy, Inc. closed the transaction. The company intended to issue 15,000,000 shares for $3,750,000.