Proceeds from non-brokered offering to fund general working capital
By Devika Patel
Knoxville, Tenn., Nov. 2 – Synodon Inc. said it has arranged a C$2 million non-brokered private placement of units.
The company will sell 40 million units of one class A common share and one warrant at C$0.05 per unit.
Each warrant is exercisable at C$0.065 for three years. The strike price reflects a 30% premium to the Oct. 30 closing share price of C$0.05.
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.
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Issue: | Units of one class A common share and one warrant
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Amount: | C$2 million
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Units: | 40 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.065
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Agent: | Non-brokered
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Pricing date: | Nov. 2
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Stock symbol: | TSX Venture: SYD
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Stock price: | C$0.05 at close Oct. 30
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Market capitalization: | C$6.06 million
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