/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
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,
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
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
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.
Tel: 514-932-2674 ext 2229