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news.Sonomax Hearing Healthcare has announced that it intends to effect a private placement in a maximum amount of $2 million to accredited investors in Canada.
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In the private placement, Sonomax intends to issue a maximum of 13,333,333 units at a price of $0.15 per unit, for maximum proceeds to Sonomax of $2 million. Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of $0.25 for a period of two years.
The net proceeds from the private placement will be used by Sonomax for corporate development and general working capital purposes. Closing of the private placement is expected to occur on or about May 16, 2008.