MONTREAL, Oct. 9 /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 24,130,000 shares to investors in Québec, Ontario, Alberta, British Columbia and New York at a price of $0.025 per share, for proceeds to Sonomax of $603,250.
Each share is accompanied by a 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 years thereafter.
Sonomax will use the proceeds from the private placement primarily to fund its 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 shares and warrants issued in the private placement are subject to a "hold period" expiring on February 10, 2010, under applicable securities legislation and the policies of the TSX Venture Exchange. As a result of the private placement, there are 236,542,953 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, firstname.lastname@example.org