Sonomax Hearing Healthcare Inc. Announces Completion of $2 Million Private Placement
May 30 2008 - 7:00AM
Marketwired
MONTREAL, QUEBEC is pleased to announce the completion of its
previously-announced private placement by issuing 13,466,666 units
at a price of $0.15 per unit, for gross proceeds to Sonomax of
$2,019,999. Each unit consists of one common share of Sonomax and
one common share purchase warrant. Each warrant entitles the holder
thereof to purchase one additional common share at a price of $0.25
per share for a period of two years from the issuance thereof.
In connection with the private placement, Sonomax paid
commissions and finders' fees to Max Capital Markets Ltd. and
Investpro Securities Inc. in an amount equal to 8.5% of the
proceeds raised by them in the private placement, and granted
compensation options entitling them to purchase up to 1,110,666
units, representing 8.5% of the number of units sold by them in the
private placement. Each compensation option entitles the holder
thereof to acquire one unit, consisting of one common share of
Sonomax and one warrant, at a price of $0.15 per unit for a period
of two years from the issuance thereof. Each warrant entitles the
holder thereof to purchase one additional common share at a price
of $0.25 per share for a period of two years from the issuance
thereof.
The net proceeds from the private placement will be added to
Sonomax's working capital.
The common shares and warrants issued by Sonomax under the
private placement are subject to a four-month and one day hold
period, in accordance with applicable securities laws and the
policies of the TSX Venture Exchange. The closing of the private
placement has increased the number of outstanding common shares of
Sonomax to 162,412,953.
About Sonomax Hearing Healthcare Inc.:
Sonomax Hearing Healthcare Inc. is a leader in the development
and manufacturing of intra-ear technologies. The Corporation's
patented custom-fit, instant-fit expansion earpieces deliver a
perfect acoustic seal every time and can be certified by SonoPass�,
the Corporation's proprietary, computer-generated
proof-of-performance software. Building on its technology
leadership in hearing protection, Sonomax has expanded the
application for its technologies into high-growth consumer markets
such as MP3 audio, multi-media and gaming earphones, as well as
BluetoothTM headsets for telephony.
Please visit our website at: www.sonomax.com
This news release contains certain forward-looking statements
that reflect the current views and/or expectations of Sonomax
Hearing Healthcare Inc. with respect to its performance, business
and future events. Such statements are subject to a number of
risks, uncertainties and assumptions. Actual results and events may
vary significantly.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Sonomax Hearing Healthcare Inc. Nick Laperle,
President 514-932-3745 nlaperle@sonomax.com www.sonomax.com
Sonomax Technologies (TSXV:SHH)
Historical Stock Chart
From Sep 2024 to Oct 2024
Sonomax Technologies (TSXV:SHH)
Historical Stock Chart
From Oct 2023 to Oct 2024