MONTREAL, Sept. 24 /CNW Telbec/ - Sonomax Hearing Healthcare Inc. (TSX Venture: SHH) announces that it will engage in a private placement to accommodate interested investors who were unable to participate in its private placement which closed fully subscribed on September 3, 2009.
The private placement will consist of up to 30,000,000 units at a price of $0.025 per unit, for maximum gross proceeds to Sonomax of $750,000.
Each unit will consist of one common share and one common share purchase warrant. Each warrant comprised in the units will entitle the holder to purchase one additional common share of Sonomax at a price of $0.05 for one year following the closing of the private placement and at a price of $0.10 for a period of four years thereafter.
Sonomax will use the proceeds from the private placement for the same purposes as those of the predecessor placement, the continuing development of its self-fit custom expansion earpieces, as well as for the pre-launch sales and marketing initiatives scheduled for later this year.
The private placement will be effected pursuant to prospectus exemptions under applicable securities legislation and is expected to close on or before October 9, 2009.
The private placement has been conditionally accepted by the TSX Venture Exchange, subject to the filing by Sonomax of standard documentation. The securities issued in the private placement will be subject to a four-month "hold period" under applicable securities legislation and the policies of the TSX Venture Exchange.
There are currently 212,412,953 common shares of Sonomax issued and outstanding.
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.
Neither the 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: For further information: Nick Laperle, President and CEO, Sonomax Hearing Healthcare Inc., (514) 932-2674 extension 2229, firstname.lastname@example.org