Casimir assists; proceeds to construct additional realSens instruments
By Devika Patel
Knoxville, Tenn., July 15 – Synodon Inc. said it raised C$460,275 in the first tranche of a C$3 million private placement of units. Casimir Capital LP is the agent for the deal, which priced on May 20.
The company is selling 11,764,705 units of one class A common share and one half-share warrant at C$0.255 per unit on a best efforts basis. It sold 1,805,000 units in the initial tranche.
Each whole warrant is exercisable at C$0.375 for one year, with the first-tranche warrants expiring on July 11, 2015. The strike price reflects a 25% premium to the May 19 closing share price of C$0.30.
Proceeds will be used to construct additional realSens instruments and 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
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| Amount: | C$3 million
|
| Units: | 11,764,705
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| Price: | C$0.255
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | July 11, 2015
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| Warrant strike price: | C$0.375
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| Agent: | Casimir Capital LP
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| Pricing date: | May 20
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| Settlement date: | July 15
|
| Stock symbol: | TSX Venture: SYD
|
| Stock price: | C$0.30 at close May 19
|
| Market capitalization: | C$20.2 million
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