Proceeds from non-brokered offering to fund general working capital
By Devika Patel
Knoxville, Tenn., Sept. 24 - Synodon Inc. said it raised C$131,540 in the second and final tranche of a C$1.58 million non-brokered private placement of units. The deal priced for C$2 million on Aug. 7 and raised C$1.45 million on Aug. 27.
The company sold 15,808,431units of one class A common share and one warrant at C$0.10 per unit.
Each warrant is exercisable at C$0.15 for one year. The strike price reflects a 7.14% premium to the Aug. 3 closing share price of C$0.14.
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 warrant
|
| Amount: | C$1,580,843
|
| Units: | 15,808,431
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 7
|
| Settlement dates: | Aug. 27 (for C$1,449,303), Sept. 24 (for C$131,540)
|
| Stock symbol: | TSX Venture: SYD
|
| Stock price: | C$0.14 at close Aug. 3
|
| Market capitalization: | C$6.93 million
|
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