Sonomax Hearing Healthcare Inc.

Sonomax Hearing Healthcare Inc.

November 23, 2006 14:07 ET

Sonomax Completes $1.25 Million Private Placement


Sonomax Hearing Healthcare Inc. (TSX VENTURE:SHH) announces that it has completed a private placement by issuing 5,000,000 units to Le Fonds d'investissement Actions-Croissance PME Inc. at a price of $0.25 per unit, for gross proceeds to Sonomax of $1,250,000. Each unit consists of one common share of Sonomax and one-half of a common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of Sonomax at a price of $0.45 until November 23, 2008. The proceeds from the private placement will be added to Sonomax's working capital.

"As a proud Quebec company, we are very pleased to add a highly-regarded Quebec institution to our shareholder base at this time," said Sonomax president Nick Laperle. "We are seeing very strong product demand from the early market engagement efforts by Aearo, our market-leading hearing protection distribution partner. This of course creates increased working capital requirements, which are being proactively addressed by this financing".

The common shares and warrants issued by Sonomax pursuant to the private placement are subject to a four-month hold period, expiring on March 24, 2006, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. As a result of the closing of the private placement, there are 109,191,248 outstanding common shares of Sonomax.

About Sonomax Hearing Healthcare Inc:

Sonomax Hearing Healthcare Inc (TSX VENTURE:SHH) is a leader in the development and manufacturing of intra-ear technology for hearing protection, hearing enhancement and other auditory applications. Sonomax created SonoCustom®, a unique expansion earpiece and a highly-efficient gatekeeper between sounds and eardrums. Sonomax is actively building a worldwide licensee network, as recently highlighted by signing important partners such as Aearo, a leading safety service supplier in the United States. Sonomax was awarded the prestigious 2005 British Safety Industry Federation Product Innovation Award for its SonoCustom® technology. Furthermore, Sonomax has been granted third-party validation for its SonoPass® software by universities, military contractors and government. Sonomax's SonoPlatform™ is the foundation for state-of-the-art hearing aids and digital wireless applications. The Company plans to launch SonoPlatform™ later this year via a new paradigm of quality, affordability and consumer access.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Sonomax Hearing Healthcare Inc. with respect to its performance, business and future events. Such statements are subject to a number of r risks, uncertainties and assumptions. Actual results and events may vary significantly.

Contact Information

  • Sonomax Hearing Healthcare Inc.
    Nick Laperle, President
    514-932-2674 ext-2254