SONOMAX CLOSES $1.53 MILLION ISSUE OF 12% SECURED CONVERTIBLE DEBENTURES

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

MONTREAL, Feb. 16 /CNW Telbec/ - Sonomax Technologies Inc. (TSX-V: SHH) is pleased to announce that it has issued an aggregate principal amount of $1,535,000 of 12% secured convertible debentures to purchasers in Quebec, Ontario and the United States.  Industrial Alliance Securities Inc.  acted as lead agent for a portion of the private placement.

This private placement forms part of a larger offering by Sonomax of up to $4.25 million principal amount of 12% secured convertible debentures.  Sonomax may issue additional debentures until March 17, 2011. 

The proceeds from the placement of the debentures have been added to Sonomax's working capital and will be used in part for a limited retail proof of concept to support its previously-announced licensing initiatives.

The debentures bear interest at the rate of 12% per annum, payable semi-annually in arrears on June 30 and December 31 in each year, commencing June 30, 2011, and will mature on February 15, 2014.  The principal amount of the debentures is secured by a hypothec over all of Sonomax's movable property and is convertible into Sonomax common shares at any time at the option of the holder, at a conversion price of $0.125 per share, until maturity.  Sonomax has the option to redeem the debentures after an initial period of 18 months.

In connection with the closing of the private placement, Sonomax paid a cash commission of $42,000 and issued 224,000 broker warrants to Industrial Alliance, entitling it to purchase up to 224,000 common shares of Sonomax at a price of $0.125 per share until February 15, 2013.  Two of Sonomax's directors subscribed for 12% secured convertible debentures, directly or indirectly, in an aggregate principal amount of $465,000.

The debentures, as well as any common shares that may be issued upon conversion of the debentures, are subject to a hold period expiring on June 16, 2011.  There are currently 292,280,955 common shares of Sonomax issued and outstanding.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 

About Sonomax Technologies Inc.:

Sonomax is a leader in the research, development and licensing of in-ear technologies.  With over 50 patents worldwide, Sonomax 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.  The latest V-4 "custom-fit by Sonomax" System offers our OEM, ODM and aftermarket clients a broader range of opportunities in customized earpieces for the Consumer, Industrial, Military and Medical markets.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Sonomax Technologies 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE SONOMAX TECHNOLOGIES INC.

For further information:

Nick Laperle, President & CEO
Sonomax Technologies Inc.
nlaperle@sonomax.com
Tel: 514-932-2674 ext 2229
Web: www.sonomax.com

Profil de l'entreprise

SONOMAX TECHNOLOGIES INC.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.