Industrial Alliance Securities conducts deal with C$675,000 greenshoe
By Devika Patel
Knoxville, Tenn., Oct. 31 - Sonomax Technologies Inc. said it raised C$1.52 million in the initial tranche of a C$4.5 million private placement of stock. The deal priced Oct. 17; Industrial Alliance Securities Inc. is the agent and has a 15% greenshoe for C$675,000.
The company is selling 75 million common shares at C$0.06 apiece, which is identical to the Oct. 14 closing share price. It sold 25.31 million shares in the first tranche.
Settlement of the final tranche is expected Nov. 14.
Proceeds will be used for commercialization of products, business development and general corporate purposes.
The Montreal company has developed intra-ear technology for hearing protection, hearing improvement and other auditory applications.
| Issuer: | Sonomax Technologies Inc.
|
| Issue: | Common shares
|
| Amount: | C$4.5 million
|
| Greenshoe: | 15%, or C$675,000
|
| Shares: | 75 million
|
| Price: | C$0.06
|
| Warrants: | No
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct 31 (for C$1,518,600), Nov. 14
|
| Stock symbol: | TSX Venture: SHH
|
| Stock price: | C$0.06 at close Oct. 14
|
| Market capitalization: | C$13.17 million
|
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