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Sona Nanotech to Increase Size of Equity Financing
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 to Increase Size of Equity FinancingThis 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 21, 2023) - Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the \"Company\" or \"Sona\") further to the Company's announcement dated 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 cancer tumors using Sona's uniquely biocompatible gold nanorods (the \"Proposed Transaction\"). Sona has increased the proposed Working Capital Financing from 5,000,000 common shares up to 11,000,000 common shares at an offering price of $0.10 per share for corporate development and general working capital purposes. The Working Capital 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. The closing of this offering has also been extended, and is now expected to occur by February 28, 2023.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 applications, as a safe and effective delivery system for multiple medical treatments, subject to the approval of various regulatory boards, including Health Canada and the FDA.About Siva Therapeutics, Inc.Siva Therapeutics Inc is developing Targeted Hyperthermia™, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The h...