Peter Brennan Announces Acquisition of Units of Sonomax Technologies Inc.
posted on
May 28, 2012 07:13PM
Creator of award winning eers custom-fitted earphones
Peter Brennan, a director of Sonomax Technologies Inc. (TSXV: SHH), and his wife Julia Brennan announce that they have purchased an aggregate of 7.3 million units of Sonomax at a price of CAD $0.05 per unit by way of private placement, for total proceeds of CAD $365,000. Each unit is comprised of one common share of Sonomax and one-half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of Sonomax at a price of CAD $0.10 until May 25, 2015.
Immediately following the closing of the private placement, Peter and Julia Brennan directly and indirectly own the following Sonomax securities: (i) an aggregate of 30,563,936 common shares, representing 8.02% of the issued and outstanding common shares of Sonomax, (ii) warrants to acquire an aggregate of 5,359,744 common shares, (iii) debentures that may be converted into an aggregate of 4,000,000 common shares, and (iv) stock options in respect of 4,011,250 common shares. Assuming full exercise of these warrants, convertible debentures and stock options, Mr. and Mrs. Brennan would hold an aggregate of 43,934,930 common shares, representing 11.13% of the Sonomax common shares that would then be issued and outstanding.
Mr. and Mrs. Brennan acquired the Sonomax common shares and common share purchase warrants in the private placement for investment purposes, and in accordance with applicable securities laws they may, from time to time and at any time, acquire additional Sonomax common shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Sonomax in the open market or otherwise, and they reserve the right to dispose of any or all of their Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Sonomax and other relevant factors.