Sonomax raises $2 million in financing

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’s fees to Max Capital Markets and Investpro Securities 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.

The closing of the private placement has increased the number of outstanding common shares of Sonomax to 162,412,953. The net proceeds from the private placement will be added to Sonomax’s working capital.