Sona Nanotech Closes Private Placement Financing to Raise $750,000 in Gross Proceeds and Announces Additional Financing
Halifax, Nova Scotia — (Newsfile Corp. – November 27, 2023) – Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the “Company” or “Sona”) is pleased to announce that it has closed its private placement that was announced on October 18, 2023 with the issuance of 3,750,000 shares at $0.20 per share and 1,875,000 common share purchase warrants exercisable to purchase an additional common share of Sona at a price of $0.30 per share until November 24, 2025. (the “Financing”). Insiders subscribed for 175,000 common shares and 87,500 common share purchase warrants. As previously disclosed, Sona intends to use the net proceeds of the Financing for further research and development of its Targeted Hyperthermia TherapyTM (“THT”), as well as for general working capital purposes.
Numus Capital Corp. (the “Agent”), a registered Exempt Market Dealer, acted as exclusive agent for the Financing. In connection with the private placement, Sona paid the Agent cash commissions of $53,650 and 268,125 non-transferable share purchase warrants (the “Broker Warrants”). Each Broker Warrant entitles the holder to acquire one Share at an exercise price of $0.30 until November 24, 2025. 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.
