Sonomax Technologies Inc. Announces Proposed Private Placement
posted on
Apr 25, 2012 04:10PM
Creator of award winning eers custom-fitted earphones
Sonomax Technologies Inc. (TSX.V:SHH) is pleased to announce that it is organizing a private placement of up to 60,000,000 units at a price of $0.05 per unit, for maximum gross proceeds to Sonomax of $3,000,000.
Each unit will consist of one common share and one-half (½) of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Sonomax at a price of $0.10 per share for a period of three years following the closing of the private placement.
Sonomax will use the net proceeds from the private placement for commercialization of its products, business development and working capital.
Industrial Alliance Securities Inc. (“IAS”) will act as lead agent for the placement. In connection with the private placement, Sonomax will pay IAS and certain other registered persons a cash commission in an amount equal to 7.5% of the gross proceeds from the sale of units to investors identified by IAS. Sonomax will also issue broker warrants to IAS and certain other registered persons, entitling them to purchase, for a period of 18 months and at a price of $0.10 per share, a number of additional shares equal to 7.5% of the number of units sold to investors identified by them.
The private placement will be effected pursuant to prospectus exemptions under applicable securities legislation and is expected to close on or before May 25, 2012.
The private placement has been conditionally accepted by the TSX Venture Exchange, subject to the filing by Sonomax of standard documentation. The securities issued in the private placement will be subject to a four-month “hold period” under applicable securities legislation and the policies of the TSX Venture Exchange.
There are currently 321,331,244 common shares of Sonomax issued and outstanding.
About Sonomax Technologies, Inc.
Sonomax® is a leader in the product development, research, and licensing of in-ear technologies. With more than 50 patents and trademarks worldwide, Sonomax’s pioneering innovation includes instant custom-fitting earpieces that deliver the most comfortable, protective and sound-enhancing experience in the world. Poised to become a standard for all in-ear applications, SonoFit™ offers OEM, ODM and aftermarket clients a broader range of opportunities in customized earpieces for the consumer, industrial, military and health markets. Learn more at http://sonomax.com
Connect with Sonomax Technologies, Inc. on Facebook at facebook.com/pages/Sonomax and on Twitter at twitter.com/Sonomax_SHH.
This news release contains certain forward-looking statements with respect to Sonomax Technologies Inc (“Sonomax”). These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. Sonomax considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond Sonomax’s control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Sonomax. These risks and uncertainties include risks associated with market acceptance, competitive developments and other factors. Except for ongoing obligations under securities laws to disclose all material information to investors, Sonomax disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.