By Devika Patel
Knoxville, Tenn., Oct. 13 - Synodon Inc. said it raised C$2.23 million in the first tranche of a C$2.5 million non-brokered private placement of units. The deal priced Sept. 30.
The company is selling 5,555,555 units at C$0.45 apiece. It sold 4,954,449 units in this tranche.
Each unit consists of one class A common share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for two years.
The warrants may expire sooner if the volume-weighted average closing price of the company's shares is C$1.05 or higher. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for general working capital.
Edmonton, Alta.-based Synodon is a technology company that has developed and demonstrated an advanced airborne remote gas sensing system.
| Issuer: | Synodon Inc.
|
| Issue: | Units of one class A common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 5,555,555
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 13 (for C$2,229,502)
|
| Stock symbol: | TSX Venture: SYD
|
| Stock price: | C$0.55 at close Sept. 29
|
| Market capitalization: | C$13.9 million
|
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