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Sona Nanotech Receives Waiver on Requirement to Raise Additional Equity Capital
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 Receives Waiver on Requirement to Raise Additional Equity CapitalThis 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. - March 6, 2023) -  Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the \"Company\" or \"Sona\") announces that Siva Therapeutics, Inc. (\"Siva\") and its shareholders have waived the requirement for any further equity raise by Sona prior to the closing of the proposed acquisition of Siva by Sona (the \"Proposed Transaction\"), further to the Company's announcements dated January 26, February 21 and February 24, 2023. The waiver was issued subsequent to the previously announced completion of the Company's recent oversubscribed equity financing which raised $1.1 million in gross proceeds.David Regan, CEO of Sona, commented, \"The oversubscribed financing and waiver pave the way for us to complete our acquisition of Siva Therapeutics. The extra funding will allow us to commission the next generation of the SivaLum light device, further studies and regulatory counsel necessary to accelerate the development of Siva's 'Targeted Hyperthermia Therapy, immediately upon closing. We look forward to closing and to initiating these actions so that we can together pursue the development of a treatment for colorectal cancer as our first nanomedical application.\"In result, the parties are now able to proceed to the closing of the Proposed Transaction, which is expected to be completed on or before its March 31st, 2023 expiry date, provided that all other closing conditions are either met or waived.Contact:David Regan, CEO+1-902-536-1932 [email protected] About 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 nano...