Sona Nanotech Receives Waiver on Requirement to Raise Additional Equity Capital
Halifax, Nova Scotia — (Newsfile Corp. – March 6, 2023) – Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the “Company” or “Sona”) announces that Siva Therapeutics, Inc. (“Siva”) and its shareholders have waived the requirement for any further equity raise by Sona prior to the closing of the proposed acquisition of Siva by Sona (the “Proposed Transaction”), further to the Company’s announcements dated January 26, February 21 and February 24, 2023. The waiver was issued subsequent to the previously announced completion of the Company’s recent oversubscribed equity financing which raised $1.1 million in gross proceeds.
David Regan, CEO of Sona, commented, “The oversubscribed financing and waiver pave the way for us to complete our acquisition of Siva Therapeutics. The extra funding will allow us to commission the next generation of the SivaLum light device, further studies and regulatory counsel necessary to accelerate the development of Siva’s ‘Targeted Hyperthermia Therapy, immediately upon closing. We look forward to closing and to initiating these actions so that we can together pursue the development of a treatment for colorectal cancer as our first nanomedical application.”