Science & Technology
Science and Technology
Science and Technology
Tue, August 28, 2012
Mon, August 27, 2012 Synodon Closes First Tranche of Private Placement of Units
August 27, 2012 15:25 ET
Synodon Closes First Tranche of Private Placement of Units
EDMONTON, ALBERTA--(Marketwire - Aug. 27, 2012) - Synodon Inc. ("Synodon") (TSX VENTURE:SYD), a developer of advanced remote sensing technologies is pleased to announce the completion of the first tranche of its previously announced private placement of units (the "Units") at a price of $0.10 per Unit, for aggregate gross proceeds of $1,449,303.10. The Units are comprised of one Class A common share (a "Share") and one Share purchase warrant. Each warrant (a "Warrant") entitles the holder to purchase one Share of the Corporation at an exercise price of $0.15 per Share until August 24, 2013.
The Shares and Warrants comprising the Units are subject to a four month statutory hold period which expires on December 25, 2012.
In connection with the closing of the first tranche of the private placement, finder's fees totaling $29,050 were paid and 290,500 warrants, having terms the same as the Warrants, were issued in accordance with the policies of the TSX-V. The proceeds will be used by Synodon for general working capital.
Synodon and 2260761 Ontario Inc. ("2260761"), a company under the direction of Paul van Eeden, who is also a director of Synodon, wish to jointly confirm that following 2260761's acquisition of 5,000,000 Units, 2260761 will own in the aggregate 13,466,262 Shares representing approximately 21.38% of the issued and outstanding common shares of Synodon. 2260761 is an accredited investor.
The Units were acquired for investment purposes, and 2260761 may acquire further Shares or Warrants, or dispose of its holdings of Shares or Warrants, as investment conditions warrant.
2260761's office is located at 205 - 713 Davis Drive, Newmarket, Ontario. For further information, including a copy of the early warning report, please contact Paul van Eeden at (416) 727-1908.
Synodon Inc. ([ www.synodon.com ]) is an Edmonton based technology company that has developed an advanced airborne remote gas sensing system called realSens™, based on technologies developed under the Canadian Space Program and by Synodon scientists. The company offers accurate and reliable pipeline leak detection services with comprehensive reporting to the oil and gas industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
