Sona Nanotech (CSE: SONA) this morning announced that it is looking to raise funds via a private placement. The company intends to raise a total of $2.0 million via a non-brokered private placement.
The financing will see a total of 2.0 million units of the company sold at $1.00 a piece, with each unit containing one common share an one half of a common share purchase warrant. Each warrant contains an exercise price of $1.25 per share and is valid for a period of two years from the date of issue.
Funds raised from the financing are to be used to generate further clinical data for the firms rapid COVID-19 nasal antigen test, as well as to pursue a European self-certification CE Mark designation, and to pursue further development and clinical trial validation work for the firms saliva-based COVID-19 test. Funds are to also be used for general working capital.
Furthermore, the company also announced that it has appointed Obelis S.A as its authorized rep in the European Union to complete the CE Mark process for its diagnostic devices. As part of the process, the two firms will work together to compile the required technical information to acquire the CE designation, as well as with the firms contract manufacturer to complete the tech transfer required for its batch production runs.
Sona Nanotech last traded at $1.02 on the CSE.
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