Sona Nanotech Arranges Brokered Private Placement Financing
Halifax, Nova Scotia – (Newsfile Corp. – October 18, 2023) – Sona Nanotech Inc. (CSE: SONA, OTCQB: SNANF) (the “Company”, “Sona”) is pleased to announce that it plans to raise up to $750,000 through a brokered private placement (the “Financing”) of up to 3,750,000 units of Sona (each, a “Unit”) at $0.20 per Unit (the “Offering Price”). Each Unit will consist of one common share of Sona (a “Common Share”) and one-half (1/2) of a common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant will be exercisable to purchase one additional Common Share of Sona at a price of $0.30 per share for a period of 24 months from the closing date of the Financing (the “Closing Date”). Insiders and certain other existing shareholders of Sona may also subscribe for Units under the Financing.
Numus Capital Corp. (the “Agent”) will act as the exclusive agent for the Financing. As compensation for its services, the Agent will receive cash compensation equal to 7.5% of the gross proceeds of the Financing. The Agent will also receive non-transferable share purchase warrants (the “Broker Warrants”) which will entitle the Agent to acquire such number of common shares as is equal to 7.5% of the number of Units placed by the Agent. The Broker Warrants will be exercisable at a price of $0.20 per share any time for a period of 24 months from the Closing Date. The Agent is a related party to Sona, a director of Sona being indirectly a principal shareholder of the Agent, as well such director of Sona also being a director and officer of the Agent.
