2012-05-30 08:16:09 -
Edmonton, Alberta CANADA, May 29, 2012 /FSC/ - Synodon Inc (SYD - TSX Venture), ("the Corporation"), announced today that it intends to undertake a non-brokered private placement whereby the Corporation intends to issue up to 14,285,714 units at a price of $0.14 per unit (the "Units") for gross proceeds of up to $2,000,000.00. The Units will be comprised of one Class A common share and one 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 $0.21 per share for a period of 12 months 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 TSX Venture Exchange, equals or exceeds $0.30 per Share for a period of 10 trading days, then the warrants must be exercised or will expire 30 calendar days after notice of such event is mailed to the warrant-holders.
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 an advanced airborne remote gas sensing system called realSensTM, based on technologies developed under the Canadian Space Program and by Synodon scientists. The company is providing 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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President & CEO
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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.
To view this press release as a webpage, please click on the following link: www.usetdas.com/pr/synodon05292012.htm
Source: Synodon Inc (SYD TSX-V) www.syndon.com
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