By Laura Lutz
Des Moines, May 23 - Synodon Inc. announced plans for a private placement of units for up to C$1.1 million.
The company plans to sell up to 2 million units of one class A common share and one half-share class A warrant at C$0.55 per unit. Each whole warrant will be exercisable at C$0.80 for two years.
The placement will be non-brokered.
Proceeds will be used for working capital.
Based in Edmonton, Alta., Synodon is developing a leak detection system for natural gas pipelines.
| Issuer: | Synodon Inc.
|
| Issue: | Units of one class A common share and one half-share class A warrant
|
| Amount: | C$1.1 million
|
| Units: | 2 million
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | May 23
|
| Stock symbol: | TSX Venture: SYD
|
| Stock price: | C$0.60 at close May 23
|
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