Synodon Inc.
TSX VENTURE : SYD

Synodon Inc.

October 18, 2010 08:00 ET

Synodon Announces Brokered Private Placement

EDMONTON, ALBERTA--(Marketwire - Oct. 18, 2010) - Synodon Inc. (the "Corporation") (TSX VENTURE:SYD), is pleased to announce that it has engaged Jacob Securities Inc. (the "Agent") in connection with a proposed private placement, on a best efforts basis, whereby the Corporation intends to issue up to 9,523,810 units at a price of $0.21 per unit (the "Units") for gross proceeds of $2,000,000.00.

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 whole Warrant will entitle the holder to purchase one additional Class A common share of the Corporation at a price of $0.30 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 $0.50 per Share for a period of 20 consecutive 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 pay a cash commission of 7.5% (3.75% for Units issued through a Presidents List) in connection with the sale of the Units and issue broker warrants of 7.5% (3.75% for Presidents List) of the total number of Units issued, under this offering. Each broker warrant will entitle the holder to subscribe for one Class A common share of the Corporation at a price of $0.21 for a period of two years from the date of issue. A maximum of 25% of the offering Units have been reserved for the Presidents List.

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. (www.synodon.com) is an Edmonton based technology company which has developed and demonstrated a patent pending airborne remote gas sensing system called realSens™, based on technologies developed under the Canadian Space Program and by Synodon scientists. The company will provide 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.

Should you wish to receive Company news via email, please email investors@synodon.com.

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.

Neither the 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.

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