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Sona Nanotech Closes Non-Brokered Private Placement Financing to Raise $1.1M in Gross Proceeds
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Sona Nanotech, Inc.
[{"type":"text","content":"Sona Nanotech Closes Non-Brokered Private Placement Financing to Raise $1.1M in Gross ProceedsThis news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated April 9, 2021 to its short form base prospectus dated March 31, 2021.Halifax, Nova Scotia--(Newsfile Corp. - February 24, 2023) - Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the \"Company\" or \"Sona\") is pleased to announce that it has closed its non-brokered private placement that was announced on January 26, 2023 and subsequently upsized as announced on February 21, 2023, with the issuance of 11,000,000 shares at $0.10 per share (the \"Financing\"). As previously disclosed, the Company intends to use the net proceeds of the Financing for corporate development and general working capital purposes. The Company also previously announced on January 26, 2023 that it had entered into a binding agreement (the \"Definitive Agreement\") to acquire Siva Therapeutics, Inc. (\"Siva\"), the developer of Targeted Hyperthermia Therapy photo thermal therapy for treating cancer tumors using Sona's uniquely biocompatible gold nanorods (the \"Proposed Transaction\"). The Financing is necessary and integral for Sona to be able to complete the Proposed Transaction but is not contingent upon the closing of the Proposed Transaction. In addition to the Proposed Transaction, the Company continues to develop its proprietary, biocompatibility gold nanorod technology, as well as its portfolio of rapid diagnostic test prototypes, particularly those for concussion and bovine tuberculosis. Contact:David Regan, [email protected] Sona Nanotech Inc.Sona Nanotech is a nanotechnology life sciences firm that has developed multiple proprietary methods for the manufacture of various types of gold nanoparticles. The principal business carried out and intended to be continued by Sona is the development and application of its proprietary technologies for use in multiplex diagnostic testing platforms that will improve performance over existing tests in the market. Sona Nanotech's gold nanorod particles are CTAB (cetyltrimethylammonium) free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications. It is expected that Sona's gold nanotechnologies may be adapted for use in ...