Sonomax Technologies Inc. Announces $1.5 Million First Closing of Private Placement
MONTREAL, QC – October 31, 2011 – Sonomax Technologies Inc. (TSX.V:SHH) is pleased to announce that it has held a first closing of its previously-announced private placement.
At the closing, Sonomax issued 25,310,000 common shares to “accredited investors” at a price of $0.06 per share, for gross proceeds to Sonomax of $1,518,600.
Sonomax will use the net proceeds from the private placement for commercialization of its products, business development and general corporate purposes.
Industrial Alliance Securities Inc. (IAS) is acting as agent for the private placement on a best-efforts basis. At the first closing, Sonomax paid IAS a cash commission of $37,500 and issued “broker warrants” to IAS, entitling it to purchase up to 625,000 common shares for a period of three years at a price of $0.10 per share. IAS did not act as agent in connection with subscriptions by two directors of Sonomax and two other subscribers associated with Sonomax.
The securities issued at the first closing are subject to a four-month “hold period”, expiring on March 1, 2012, under applicable securities legislation and the policies of the TSX Venture Exchange.
As a result of the first closing, there are 318,055,242 common shares of Sonomax issued and outstanding.
Further closings of the private placement may be held, until November 14, 2011.
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, as well as software-driven solutions for validating earpiece performance. Sonomax recently introduced sculpted eers™ line of custom fitting earphones which feature the latest SonoFit™ system. 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.