Cranberry Capital Inc.

September 23, 2015 19:40 ET

Cranberry Capital Acquires Additional Equity Stake in Synodon Inc.

NEWMARKET, ONTARIO--(Marketwired - Sept. 23, 2015) - Mr. Paul van Eeden, President of Cranberry Capital Inc. ("Cranberry"), announced that Cranberry had acquired beneficial ownership of an additional 36,932,524 common shares of Synodon Inc. ("Synodon") through the exercise of 36,932,524 rights acquired in connection with Synodon's rights offering pursuant to a short form prospectus dated August 12, 2015, such common shares representing 25.76% of the issued and outstanding common shares of Synodon (on a non-fully diluted basis). The rights offering closed on September 22, 2015.

As a result of the above acquisition, Cranberry, which held 18,466,262 common shares and 200,000 common share purchase options of Synodon held by virtue of a short form amalgamation with 2260761 Ontario Inc. (a private investment issuer of which Mr. van Eeden was President and Chief Executive Officer) prior to the rights offering, beneficially owns an aggregate of 55,598,786 common shares of Synodon, representing 38.78% of the issued and outstanding common shares of Synodon (on a non-fully diluted basis).

Cranberry has purchased the common shares of Synodon for investment purposes. Cranberry's equity stake in Synodon may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.

Synodon is listed on the TSX Venture Exchange under the symbol "SYD".

About Cranberry Capital Inc.

Cranberry Capital Inc. is a private Canadian holding company owned by Mr. Paul van Eeden.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cranberry Capital Inc.
    Mr. Paul van Eeden
    President
    +1 (416) 727-1908
    paul@pve.net