RE: Sprott buys 10% insider deal!Sprott has had a long history of buying into SHH. That alone is proof that it doesn't always pick winners.
Sonomax Hearing Healthcare Inc. Announces Early Exercise Of Share Purchase Warrants By Institutional Investors
Tuesday, 4 Dec 2007 07:00am EST
Sonomax Hearing Healthcare Inc. announced Sprott Asset Management and NATCAN Investment Management's Le Fond ACCRO have supported Sonomax's growth initiatives through early exercise of common share purchase warrants. Gross proceeds of $1,630,000 have been received thus far, with an additional $3,500,000 of institutional money plus $1,500,000 of funding from individual investors committed to Sonomax by way of early exercise of share purchase warrants to fund the Company's ongoing expansion into the retail channel as recently announced in reference to its partnership with Virgin MEGASTORES in the United States, as well as its expansion into the military communications and hearing protection marketplaces.
And...
Sonomax Hearing Healthcare Inc. Announces Private Placement
Thursday, 8 Feb 2007 08:02am EST
Sonomax Hearing Healthcare Inc. announced that it has held a first closing of a $3.5 million private placement by issuing 11,111,111 units at a price of
.225 per unit to Sprott Asset Management Inc., for net proceeds to Sonomax of $2.5 million. Each unit consists of one common share of the Company and one common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company at a price of
.35 until February 7, 2009. As a result of the first closing of the private placement, Sprott Asset Management Inc. holds approximately 10% of the Company's issued and outstanding shares. The sale of the 11,111,111 units represents the first tranche of a private placement of up to 15,555,555 units, for maximum proceeds to the Company of $3.5 million. Sonomax anticipates that a final closing of the private placement will take place before the end of February 2007.
I find it interesting how history has a way of repeating itself. Should Slick Nick put together a national marketing campaign coupled with a mass manufacturing program, that would be news. According to the information or non information (a listeners perspective) of Nick's latest video interview, SHH plans to sell product thru guitar stores now. What a joke...
You gotta wonder just how many units this company will have to sell to just break even.
That whole news(?) article has me wondering wtf. SHH is trading at 32? Pesos? And the whole Wal Mart thing. Did they mention that just to drum up attention? Buy into SHH just because Sprott is? Sounds like another Slick Nick trick.