MONTREAL, Oct. 16 /CNW Telbec/ - Sonomax Hearing Healthcare Inc. (TSX Venture: SHH) wishes to correct its press release dated October 9, 2009 by clarifying that the total number of shares and warrants issued under its recently-completed private placement is 21,351,668, rather than 24,130,000. Sonomax issued 18,573,334 shares at a price of $0.025 per share and 2,778,334 shares at a price of $0.05 per share in the private placement, for aggregate gross proceeds to Sonomax of $603,250.
The change is a result of subscriptions by six directors and officers of Sonomax for an aggregate of 7,421,668 shares and warrants in the private placement, of which 4,643,334 shares were issued at a price of $0.025 per share and 2,778,334 shares were issued at a price of $0.05 per share.
Each of the 18,573,334 shares issued at a price of $0.025 per 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. Each of the 2,778,334 shares issued at a price of $0.05 per 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 $0.10 for a period of five years from the date of issuance of the warrants.
As previously announced, 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 233,764,621 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, email@example.com