Synodon Inc.

Synodon Inc.

April 07, 2010 17:57 ET

Synodon Announces Private Placement to Institutional Investor

EDMONTON, ALBERTA--(Marketwire - April 7, 2010) - Synodon Inc. ("the Corporation") (TSX VENTURE:SYD), announced today that it intends to undertake a non-brokered private placement whereby the Corporation intends to issue to China Select Capital Partners 1,111,112 units at a price of $0.225 per unit (the "Units") for gross proceeds of $250,000.00.

Adrian Banica, Synodon CEO said, "We are very pleased to conclude this transaction and to add the first institutional investor to the Synodon group of shareholders. Our management team also intends to work closely with China Select Capital Partners and their partners in Asia to introduce the realSens™ service to the significant Chinese and Asian markets".

The broad terms of the transaction were agreed upon in December 2009 and announced in a press release issued by Orient Venture Capital II Inc. on December 24, 2009. The Units will be comprised of one Class A common share and one half of a Class A common share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional Class A common share of the Corporation at a price of $0.3375 per share for a period of two years from the date of issue. The Warrants will have an accelerated exercise provision under which, if the volume weighted average closing price of the Shares, as traded on the TSX Venture Exchange, equals or exceeds $1.05 per Share for a period of 10 trading days, then the warrants must be exercised or will expire 30 calendar days after notice of such event is mailed to the warrant-holders. 

The Corporation will not have to pay any commissions or finder fees for this transaction.

Proceeds from this offering will be used by the Corporation for general working capital.

Completion of this placement is subject to the approval of the TSX Venture Exchange.

Synodon Inc. ( is an Edmonton based technology company which has developed and demonstrated an advanced airborne remote gas sensing system called realSens™, based on technologies developed under the Canadian Space Program and by Synodon scientists. The company is providing gas emissions monitoring and quantification services to a variety of industries, including hydrocarbon (oil and gas), environmental, agricultural and for a variety of gases including methane, ethane and ammonia. The initial focus is on the hydrocarbon industry and in particular the natural gas pipeline sector.

Orient Venture Capital II Inc., a Capital Pool Company, will change its name to "China Select Capital Partners Corp." upon completion of the Qualifying Transaction and will be listed as a Tier 2 Investment Issuer on the TSX-V focused on investing in private or public companies whose businesses involve later stage alternative energy or environmental technology or other selected sectors with strong intellectual property, exceptional management, high growth potential and an identified exit strategy either in China or North America.

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Forward-Looking Statements 
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Synodon Inc.
    Adrian Banica
    President & CEO
    CHF Investor Relations
    Jeanny So
    Director of Operations
    416.868.1079 x225
    CHF Investor Relations
    Christopher Haldane
    Account Manager
    416.868.1079 x237