Sona Nanotech Inc. announced a brokered private placement of up to 3,750,000 units at CAD 0.20 per unit for gross proceeds of up to CAD 750,000 on October 18, 2023. Each unit will consist of one common share and one-half of a common share purchase warrant. Each whole warrant will be exercisable to purchase one additional common share of at a price of CAD 0.30 per share for a period of 24 months from the closing date of the transaction.

The transaction will include participation from insiders and certain other existing shareholders. The completion of the transaction is subject to the satisfaction of certain conditions. All securities issued pursuant to the transaction will be subject to a hold-period of four months and a day commencing from the closing date.