Sonomax Hearing Healthcare Inc, Montreal, has completed its previously announced private placement by issuing an aggregate of 50 million shares to investors in Québec, Ontario, Alberta and British Columbia at a price of $0.02 per share, for proceeds to Sonomax of $1 million, according to a statement released by the company. The private placement was fully subscribed.
Each share is accompanied by one common share purchase warrant, says the statement. Each warrant entitles the holder to purchase one additional common share of Sonomax at a price of $0.05 for one year and at a price of $0.10 for a period of four years thereafter.
Sonomax will use the proceeds from the private placement primarily to fund its continuing development of its self-fit custom expansion earpieces, says the statement. The shares and warrants issued in the private placement are subject to a hold period expiring on January 4, 2010, under applicable securities legislation and the policies of the TSX Venture Exchange, according to the statement.
As a result of the private placement, there are 212,412,953 common shares of Sonomax issued and outstanding, says the statement.
Nick Laperle, the company’s president and CEO, said in the statement that the company is excited to have the working capital to move forward with the development of its V4 without money constraints.
Sonomax is a research and development and licensing company of in-ear technologies.