Sonomax completes $3 million equity financing

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Sonomax Technologies Inc. (TSX Venture: SHH) has completed its previously announced private placement by issuing 60 million units to “accredited investors” at a price of $0.05 per unit, for gross proceeds to Sonomax of $3 million. Caisse de dépôt et placement du Quebec is investing $1.3 million under its publicly listed small-cap Québec companies mandate. “We’ve been following Sonomax’s progress for over a year now and believe that the company has reached a pivotal point in its growth. This is why we have decided to invest in this promising Quebec-based company, which meets the investment criteria we have established for this mandate,” said Martin Garand, Investment Director with the Caisse. Other investors in the private placement were the Fiera Capital QSSP II INVESTMENT FUND INC. ($750,000), Sonomax directors and officers ($495,000) and other investors ($455,000). Sonomax will use the net proceeds from the private placement for commercialization of its products, business development and working capital. Each unit issued as part of the private placement consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Sonomax at a price of $0.10 per share for a period of three years. Industrial Alliance Securities Inc. (“IAS”) acted as lead agent for the private placement on a best-efforts basis. At closing, Sonomax paid IAS a cash commission of $153,750, representing 7.5% of the gross proceeds generated by Sonomax from the sale of units to investors identified by IAS. Sonomax also issued “broker warrants” to IAS, entitling it to purchase up to 3,075,000 common shares of Sonomax for a period of 18 months at a price of $0.10 per share, representing 7.5% of the number of units sold to investors identified by IAS. IAS did not act as agent in connection with subscriptions by eleven subscribers identified by Sonomax. The securities issued at closing are subject to a four-month “hold period” expiring on September 26, 2012, under applicable securities legislation and the policies of the TSX Venture Exchange. As a result of the closing, there are 381,331,242 common shares of Sonomax issued and outstanding. About Sonomax Technologies Inc. Sonomax® is a leader in the product development, research, and licensing of in-ear technologies. With more than 50 patents and trademarks worldwide, Sonomax’s pioneering innovation includes instant custom-fitting earpieces that deliver the most comfortable, protective and sound-enhancing experience in the world. SonoFit™ offers OEM, ODM and aftermarket clients a broader range of opportunities in customized earpieces for the consumer, industrial, military and health markets. Learn more at www.sonomax.com. Connect with Sonomax Technologies Inc. on Facebook at facebook.com/pages/Sonomax and on Twitter at twitter.com/Sonomax_SHH. false false false