Deal through Jacob Securities finances company's working capital needs
By Devika Patel
Knoxville, Tenn., Nov. 10 - Synodon Inc. said it has completed a private placement of units via agent Jacob Securities Inc.
The company sold 9,523,810 units of one class A common share and one half-share warrant at C$0.21 apiece for C$2 million. Each whole warrant is exercisable at C$0.30 until Nov. 9, 2012. The strike price is identical to the Nov. 9 closing share price.
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 half-share warrant
|
| Amount: | C$2 million
|
| Units: | 9,523,810
|
| Price: | C$0.21
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Nov. 9, 2012
|
| Warrant strike price: | C$0.30
|
| Agent: | Jacob Securities Inc.
|
| Settlement date: | Nov. 10
|
| Stock symbol: | TSX Venture: SYD
|
| Stock price: | C$0.30 at close Nov. 9
|
| Market capitalization: | C$10.38 million
|
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