EDMONTON, March 5 /CNW/ - Synodon Inc. (the "Company") (TSXV-SYD), a
developer of advanced remote sensing technologies, announces that effective
January 31, 2007, the Company received notice of conversion of three (3)
debentures bearing 8% interest per annum which were issued by the Company
between December 2005 and March 2006 totaling $60,000.00. The Company will
issue 130,000 Units at an issue price of $0.50 per Unit to retire the
debentures (and interest) and the $60,000.00 in debt which they represent.
Each Unit consists of one Common Share and one half of a Common Share purchase
warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one
Common Share at an exercise price of $0.60 for 12 months from December 28,
2006 and at a price of $0.75 for the subsequent 12 months period. The Common
Shares will have a 4 month hold period which expires on July 6, 2007.
Synodon Inc. (www.synodon.com) is an Edmonton based technology company
which is developing an advanced natural gas pipeline leak detection system
called realSens(TM), based on correlation spectroscopy technologies developed
under the Canadian Space Program and by Synodon scientists.
This press release may contain forward-looking statements, including
statements regarding the business and anticipated financial performance of
Synodon Inc., which involve risks and uncertainties. These risks and
uncertainties may cause Synodon's actual results to differ materially from
those contemplated by the forward-looking statements.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
CONTENTS OF THIS PRESS RELEASE.
For further information:
For further information: Adrian Banica, President and CEO, Synodon Inc.,
Telephone: (780) 468-9568, Email: firstname.lastname@example.org