MONTREAL, Sept. 3 /CNW Telbec/ - Sonomax Hearing Healthcare Inc. (TSX
Venture: SHH) is pleased to announce that it has completed its
previously-announced private placement by issuing an aggregate of 50,000,000
shares to investors in Québec, Ontario, Alberta and British Columbia at a
price of $0.02 per share, for proceeds to Sonomax of $1.0 million. The private
placement was fully subscribed.
Each share is accompanied by one common share purchase warrant. 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
Sonomax will use the proceeds from the private placement primarily to
fund its continuing development of its self-fit custom expansion earpieces.
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. As a result of the
private placement, there are 212,412,953 common shares of Sonomax issued and
"We're excited to have the working capital to move forward with the
development of our V4 without money constraints. Sincere thanks to our loyal
shareholders who along with a few strategic investors, have made up most of
this raise." Said Nick Laperle, Sonomax's President and Chief Executive
About the New Sonomax:
Sonomax is an R&D and licensing company of in-ear technologies. The
Company's patented instant custom-fitting earpieces deliver the most
comfortable sound-enhancing earpieces in the world. This unique technology
enables a wide range of applications such as earphones for the music and
gaming markets, hearing protection for military and industrial applications,
affordable hearing aids and the ever-expanding Bluetooth(TM) headset market.
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.
For further information: Nick Laperle, President and CEO, Sonomax
Hearing Healthcare Inc., (514) 932-2674, email@example.com