News of closing of financing Halifax, Nova Scotia--(Newsfile Corp. - December 16, 2020) - Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the "Company", "Sona") a developer of rapid, point-of-care diagnostic tests, is pleased to announce that it has closed its non-brokered private placement that was announced on December 3, 2020 with the issuance of 2,259,200 units at $1.00 per unit.
The final amount of the offering represents an increase from the Company's previously announced intention to raise up to $2,000,000 through a non-brokered private placement (the "Financing") of up to 2,000,000 units of Sona (each, a "Unit") at $1.00 per Unit due to investor interest. Each Unit consists of one common share of Sona (a "Common Share") and one-half of a Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant is exercisable to purchase one additional Common Share of Sona at a price of $1.25 per Common Share for a period of 24 months from the closing date of the Financing (the "Closing Date").
As previously disclosed, the Company intends to use the net proceeds of the Financing to produce further clinical trial data for its rapid COVID-19 antigen nasal pharyngeal test, pursue a European regulatory self-certification CE Mark declaration, and pursue further development and clinical trial validation work for its saliva-based prototype version of the test, as well as for general working capital purposes.
The Company is currently working with several potential partners to secure a clinical trial. Any trial would require a sponsoring institution, a principal investigator, a study protocol, relevant medical ethics review board approval and Health Canada Investigational Testing Division approval. Separately, the Company also advises that its CE Marking process in Europe commenced with the appointment of Obelis. The Company will update the market as material developments occur.
Investor Relations Contact:
Arlen Hansen
604 684 6730
1 866 684 6730
arlen@kincommunications.com