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Sona Nanotech Inc. Announces closing of private placement

Stockport Exploration Inc. and Sona Nanotech Ltd. have completed their amalgamation to form Sona Nanotech Inc., the final step before the company can list on the Canadian Securities Exchange.

Sona has also reduced the pricing of the previously private placement of common shares from $0.40 per share to $0.25 per share.

The company has now completed the private placement of its common shares at $0.25 per share to raise gross proceeds of $2,000,000, by issuing 8,000,000 common shares.

In connection with the offering, the company has paid $150,000 in finder’s fees and issued finder’s share purchase warrants to Numus Capital Corp., a private company controlled by a director and consultant to Sona, for the right to purchase up to 600,000 common shares at an exercise price of $0.25 per share until September 27, 2020.

The net proceeds from the offering will be used by Sona to fund its business development and for general working capital.

Sona CEO Darren Rowles said: “It is great that we have cleared this final hurdle before Sona can list on the CSE. The proceeds we have raised will give us a secure financial future over the next few years to expand and execute all the exciting plans we have in the pipeline.

“The timing is perfect, as it is almost exactly a year since I became CEO of Sona. Ensuring financial stability was a key goal of mine when I took over and I am delighted to have achieved that in under twelve months.

“I am really excited about what the future has in store for Sona Nanotech Inc.”

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