Sonomax Closes $3.05 Million Issue of 12% Secured Convertible Debentures
Published: Dec 27, 2012
MONTREAL--(BUSINESS WIRE)--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.