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Canadian hearing technology company cancels notes, issues shares

This article was originally published in Clinica

Executive Summary

Canadian auditory applications technology developer Sonomax Hearing Healthcare has added Can$300,000 (US$248,000) to working capital following the issue of the second tranche of a loan. Each Can$1 of principal amount was accompanied by two share warrants, exercisable at Can$0.22 per share. The company has also issued 12 million common shares at a price of $0.30 per share to four note holders. The issue is in connection with the company's repurchase and cancellation of unsecured convertible notes. Its state-of-the-art hearing aids and digital wireless SonoPlatform is due to be launched "later on this year via a new paradigm of quality, affordability, and consumer access", says Sonomax.

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