By Devika Patel
Knoxville, Tenn., May 7 - Synodon Inc. said it plans to conduct a C$1.51 million non-brokered private placement of units.
The company plans to sell 2.75 million units at C$0.55 each.
Each unit will consist of one class A common share and one class A warrant. Each warrant is exercisable at C$0.80 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 which has developed and demonstrated an advanced airborne remote gas sensing system.
| Issuer: | Synodon Inc.
|
| Issue: | Units of one class A common share and one class A warrant
|
| Amount: | C$1,512,500
|
| Units: | 2.75 million
|
| Price: | C$0.55
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | May 7
|
| Stock symbol: | TSX Venture: SYD
|
| Stock price: | C$0.55 at close May 7
|
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