EDMONTON, ALBERTA--(Marketwire - April 20, 2009) - Synodon Inc. ("the Corporation") (TSX VENTURE:SYD), announced today that it intends to undertake a non-brokered private placement whereby the Corporation intends to issue up to 4,444,445 units at a price of $0.45 per unit (the "Units") for gross proceeds of $2,000,000.00.
The Units will be comprised of one Class A common share and one half of a Class A common share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional Class A common share of the Corporation at a price of $0.75 per share for a period of two years from the date of issue. The Warrants will have an accelerated exercise provision under which, if the volume weighted average closing price of the Shares, as traded on the Stock Exchange, equals or exceeds $1.05 per Share, then the warrants must be exercised or will expire 30 calendar days after notice of such event is mailed to the warrant-holders.
The Corporation will pay, where appropriate, a cash finder's fee of 10%, or a cash finder's fee of 8% in connection with the sale of the Units and issue finder's warrants of up to 8% of the total number of Units issued, under this offering. Each finder's fee warrant will entitle the holder to subscribe for one Class A Common share of the Corporation at a price of $0.45 for a period of two years from the date of issue.
Proceeds from this offering will be used by the Corporation for general working capital.
Completion of this placement is subject to the approval of the TSX Venture Exchange.
Synodon Inc. (www.synodon.com) is an Edmonton based technology company which has developed and demonstrated a patent pending airborne remote gas sensing system called realSens(TM), based on technologies developed under the Canadian Space Program and by Synodon scientists. The company will provide gas emissions monitoring and quantification services to a variety of industries, including hydrocarbon (oil and gas), environmental, agricultural and for a variety of gases including methane, ethane and ammonia. The initial focus is on the hydrocarbon industry and in particular the natural gas pipeline sector.
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Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.