MONTREAL, QUEBEC — (Marketwired) — 11/13/13 — SENSIO Technologies Inc. (“SENSIO” or the “Corporation”) (TSX VENTURE: SIO) is pleased to announce the second tranche closing today of the brokered private placement for 6,300,000 units of the Corporation (the “Units”), at a price of $0.10 per Unit for aggregate gross proceeds of $630,000, including Units issued pursuant to the over-allotment option. The aggregate placement was for a total of 26,700,000 units for aggregate gross proceeds of $2,670,000 (the “Offering”). The Offering has been made on a commercially reasonable efforts basis by Global Maxfin Capital Inc. (the “Agent”).
Each Unit is comprised of one common share of the Corporation and one common share purchase warrant. Each warrant for the second tranche entitles its holder to acquire one additional common share of the Corporation at a price of $0.18 per common share until 5:00 p.m. (Montreal Time) on November 13, 2015.
SENSIO intends to use the net proceeds of the Offering for business development, general working capital purposes, and for further business development, namely for the expansion of 3DGO! to more devices, porting to new platforms and further content acquisition.
The President and Chief Executive Officer, and the Vice-President and Chief Business Development Officer of the Corporation have subscribed for a total of 5,300,000 Units under the second tranche of the Offering. The Vice-President and Chief Business Development Officer of the Corporation has subscribed to 3,800,000 Units, and the President and Chief Executive Officer has subscribed to 1,500,000 Units. The President and CEO and the Vice-President and CBDO of the Corporation had previously sold a total of 1,400,000 and 3,800,000 common shares of the Corporation respectively from their personal shareholdings to facilitate the execution of the Offering. In consideration for the purchase of such shares, they delivered 1,400,000 and 3,800,000 warrants respectively to the purchasers from the Units they acquired today.
All securities issued under the second tranche of the Offering have been issued pursuant to exemptions from the prospectus requirements of applicable securities laws and are subject to a four month plus one day statutory hold period ending on March 13, 2014. For services rendered in connection with the second tranche of the Offering, the Corporation has paid the Agent a cash commission of $37,500 and has granted to the Agent non-transferable broker warrants entitling the Agent to acquire 372,000 common shares of the Corporation at a price of $0.10 per share until 5:00p.m. (Montreal Time) on November 13, 2015.
“With today-s closing, we have finalized our financing over our $2.5M stated objective which, combined to our downsizing efforts, are expected to give us the necessary runway to achieve our commercial and strategic objectives”, said Nicholas Routhier, President and CEO of SENSIO. “For the Company, this means that we can now fully focus on our commercial development and the entire SENSIO team is highly motivated to make 3DGO! and our other activities a great success in the market. Now that the uncertainty linked to the financing is behind us, we are hopeful that the market-s focus will be back on our recent and upcoming achievements.”
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About SENSIO Technologies Inc. (SENSIO):
SENSIO Technologies Inc. () has been leading the floor in bringing 3D video to the consumer since 1999. Its vision, expertise and state-of-the-art solutions, based on diversified stereoscopic image-processing technologies, have been trusted by some of the biggest names in the media and entertainment industries to power numerous industry firsts, initiate new business models and generate immediate revenue with a distinctive 3D offering.
SENSIO enables its clients to deliver the best possible 3D experience for the end-user through a broad portfolio of products, including its flagship, award-winning technology, SENSIO® Hi-Fi 3D. Through SENSIO solutions, consumers can access – with effortless interaction and complete peace of mind – 3D content of superior quality to common frame-compatible formats distributed over existing infrastructure (cable, satellite or over IP) and displayed using any existing digital equipment (cinema, home cinema, TV, game consoles or PC). SENSIO-s common shares are listed on the TSX Venture Exchange.
SENSIO® is a registered trademark of SENSIO Technologies Inc.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release that are not historical facts, such as the use of proceeds from the private placement, are forward-looking statements and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, readers are cautioned not to place undue reliance on these forward looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management-s discussion and analysis of SENSIO for the quarter ended August 31, 2013. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements.
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Contacts:
SENSIO
Eric Choquette
Chief Financial Officer
514 846-2022 ext. 17
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