Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) has successfully closed a non-brokered private placement, issuing 6,000,000 common shares at $0.25 per share. The company plans to utilize the net proceeds for advancing studies to support regulatory approval for an international, multi-site, first-in-human clinical trial, further research and development of its Targeted Hyperthermia TherapyTM (THT), and for general working capital purposes.
Numus Capital Corp. acted as the exclusive finder for the private placement, receiving a cash commission of $88,750 and 355,000 non-transferable share purchase warrants. Each Finder Warrant allows the Finder to acquire one Share at an exercise price of $0.25 until September 5, 2026. All securities issued in the private placement will be subject to a hold period until January 6, 2025.
Additionally, Sona plans to raise an additional $1,700,000 through a non-brokered private placement of up to 6,800,000 shares at $0.25 per share, expected to be completed later in September. The Finder will also act as the exclusive finder for the Additional Financing, receiving compensation equal to 7.0% of the gross proceeds along with additional share purchase warrants.
The company intends to use the net proceeds from the Additional Financing for similar purposes as the initial private placement. Completion of the Additional Financing is subject to certain conditions, and all securities issued will be subject to a hold period of four months and a day commencing from the Closing Date.
For more information, contact David Regan, CEO, at +1-902-536-1932 or via email at david@sonanano.com.
About Sona Nanotech Inc.
Sona Nanotech is a nanotechnology life sciences company specializing in the development of Targeted Hyperthermia™, a photothermal cancer therapy using therapeutic heat to treat solid cancer tumors. The innovative therapy utilizes gold nanorods to deliver heat to tumors, stimulating the immune system, shrinking tumors, inactivating cancer stem cells, and improving tumor perfusion. Sona’s gold nanorod particles are CTAB-free, ensuring safety in medical applications and offering a potential effective delivery system for various medical treatments.
Cautionary Statement Regarding Forward-Looking Information:
This press release contains forward-looking statements regarding the applications and opportunities of Targeted Hyperthermia Therapy, preclinical and clinical study plans, future patent filings, regulatory submissions and approvals, and product development plans. Actual results may differ from these statements due to known and unknown risks, uncertainties, and other factors. Sona disclaims any intention or obligation to update or revise forward-looking statements, except as required by law.
(Please note: This information is not for distribution to United States newswire services or dissemination in the United States)
For the original source of this press release, please visit https://www.newsfilecorp.com/release/222237.
