Sonomax Closes $3.05 Million Issue of 12% Secured Convertible Debentures
posted on
Dec 21, 2012 06:03PM
Creator of award winning eers custom-fitted earphones
MONTREAL -- Sonomax Technologies Inc. (TSX-V: SHH) is pleased to announce that it has issued an aggregate principal amount of $3,051,000 of 12% secured convertible debentures to purchasers in Québec and the United States.
The proceeds from the placement of the debentures have been added to Sonomax's working capital.
The debentures bear interest at the rate of 12% per annum, payable semi-annually in arrears on June 30 and December 31 in each year, commencing December 31, 2012, and will mature on February 15, 2014. The principal amount of the debentures is secured by a hypothec over all of Sonomax's movable property and is convertible into Sonomax common shares at any time at the option of the holder, at a conversion price of $0.125 per share, until maturity.
The debentures, as well as any common shares that may be issued upon conversion of the debentures, are subject to a hold period expiring on April 22, 2013. Two Directors of Sonomax participated in the private placement. There are currently 381,331,244 common shares of Sonomax issued and outstanding.
Sonomax also announces that it has received a notice of claim from NewLook Eyewear Inc. relating to Quebec R&D tax credits for the years 2006 to 2010. The amount claimed is approximately $452,000. Sonomax and NewLook Eyewear Inc. have been working with the tax authorities to resolve the situation and Sonomax has reserved $150,000 in its financial statements as an accrued liability with respect to the R&D tax credits. The claim by NewLook Eyewear Inc. was made under an Indemnity Agreement entered into in 2010 at the time of the Plan of Arrangement between Sonomax and NewLook Eyewear Inc., among others.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release is not for distribution to United States newswire services or for dissemination in the United States.
About Sonomax
Sonomax Technologies makes the world's most advanced hearing protection products to prevent the # 1 occupational disease, Noise Induced Hearing Loss (NIHL). The Company offers OEM, ODM and aftermarket clients a broader range of opportunities in customized earpieces using SonoFit for the Consumer, Military and Health markets.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Sonomax Technologies Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.
Sonomax Technologies Inc.
Nick Laperle, 514-932-2674, ext. 2229
President & CEO
nlaperle@sonomax.com
www.sonomax.com