Sonomax Hearing Healthcare Inc. Announces Completion of $2 Million Private Placement
May 30 2008 - 8:00AM
Marketwired Canada
Sonomax Hearing Healthcare Inc. (TSX VENTURE:SHH) is pleased to announce the
completion of its previously-announced private placement by issuing 13,466,666
units at a price of $0.15 per unit, for gross proceeds to Sonomax of $2,019,999.
Each unit consists of one common share of Sonomax and one common share purchase
warrant. Each warrant entitles the holder thereof to purchase one additional
common share at a price of $0.25 per share for a period of two years from the
issuance thereof.
In connection with the private placement, Sonomax paid commissions and finders'
fees to Max Capital Markets Ltd. and Investpro Securities Inc. in an amount
equal to 8.5% of the proceeds raised by them in the private placement, and
granted compensation options entitling them to purchase up to 1,110,666 units,
representing 8.5% of the number of units sold by them in the private placement.
Each compensation option entitles the holder thereof to acquire one unit,
consisting of one common share of Sonomax and one warrant, at a price of $0.15
per unit for a period of two years from the issuance thereof. Each warrant
entitles the holder thereof to purchase one additional common share at a price
of $0.25 per share for a period of two years from the issuance thereof.
The net proceeds from the private placement will be added to Sonomax's working
capital.
The common shares and warrants issued by Sonomax under the private placement are
subject to a four-month and one day hold period, in accordance with applicable
securities laws and the policies of the TSX Venture Exchange. The closing of
the private placement has increased the number of outstanding common shares of
Sonomax to 162,412,953.
About Sonomax Hearing Healthcare Inc.:
Sonomax Hearing Healthcare Inc. is a leader in the development and manufacturing
of intra-ear technologies. The Corporation's patented custom-fit, instant-fit
expansion earpieces deliver a perfect acoustic seal every time and can be
certified by SonoPass(R), the Corporation's proprietary, computer-generated
proof-of-performance software. Building on its technology leadership in hearing
protection, Sonomax has expanded the application for its technologies into
high-growth consumer markets such as MP3 audio, multi-media and gaming
earphones, as well as BluetoothTM headsets for telephony.
Please visit our website at: www.sonomax.com
This news release contains certain forward-looking statements that reflect the
current views and/or expectations of Sonomax Hearing Healthcare Inc. with
respect to its performance, business and future events. Such statements are
subject to a number of risks, uncertainties and assumptions. Actual results and
events may vary significantly.
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