Proceeds from non-brokered offering to fund general working capital
By Devika Patel
Knoxville, Tenn., May 30 - Synodon Inc. said it has arranged a C$2 million non-brokered private placement of units.
The company will sell 14,285,714 units of one class A common share and one warrant at C$0.14 per unit.
Each warrant is exercisable at C$0.21 for one year. The strike price reflects a 31.25% premium to the May 29 closing share price of C$0.16.
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 warrant
|
| Amount: | C$2 million
|
| Units: | 14,285,714
|
| Price: | C$0.14
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.21
|
| Agent: | Non-brokered
|
| Pricing date: | May 30
|
| Stock symbol: | TSX Venture: SYD
|
| Stock price: | C$0.16 at close May 29
|
| Market capitalization: | C$7.76 million
|
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