MONTREAL, QUEBEC--(Marketwire - Sept. 21, 2012) - SENSIO Technologies Inc. ("SENSIO" or the "Corporation") (TSX VENTURE:SIO), is pleased to announce the closing of the previously announced brokered private placement with NCP Northland Capital Partners Inc. (the "Agent") of 10,454,545 common shares at a price per share of $0.33 for a total of $3,450,000 (the "Offering"), including exercising of the whole Over-Allotment Option.
"100% of this investment was realized from institutional investors. We really appreciate the trust and the support they have shown towards SENSIO, our management team and our business plan," said Nicholas Routhier, President and CEO at SENSIO. "There is no doubt in our minds that the recent announcements and SENSIO's numerous positive developments in the past months have played a vital role in the success of this funding. We are more motivated than ever to continue our momentum, and this investment will give us the necessary resources to realize our vision for the benefit of all our shareholders."
SENSIO intends to use the net proceeds of the offering for the launch of our new 3DGO! store initiative, research and development, working capital of the company and general corporate purposes.
All securities issued under the Offering have been issued pursuant to exemptions from the prospectus requirements of applicable securities laws and are subject to a four months plus one day statutory hold period ending on January 22nd, 2013. The Corporation has paid the Agent an aggregate cash commission of 6% as well as non‐transferable Agent Warrants to acquire 627,272 common shares of the Corporation, exercisable at a price of $0.33 per common share until 5:00 p.m. (Montreal Time) on September 21st, 2014.
The Corporation has received an advance ruling from the Ministère du Revenu du Québec confirming that the Corporation is a qualified issuing corporation for the purposes of the Québec Stock Savings Plan II ("QSSP II") and that the common shares forming part of the Offering are qualified shares for a QSSP II qualified mutual fund.
SENSIO Technologies Inc. (www.sensio.tv) has been leading the floor in bringing 3D video to the consumer since 1999. Its vision, expertise and state-of-the-art solutions, based on diversified stereoscopic image-processing technologies, have been trusted by some of the biggest names in the media and entertainment industries to power numerous industry firsts, initiate new business models and generate immediate revenue with a distinctive 3D offering.
SENSIO enables its clients to deliver the best possible 3D experience for the end-user through a broad portfolio of products, including its flagship, award-winning technology, SENSIO® Hi-Fi 3D. Through SENSIO solutions, consumers can access - with effortless interaction and complete peace of mind - 3D content of superior quality to common frame-compatible formats distributed over existing infrastructure (cable, satellite or over IP) and displayed using any existing digital equipment (cinema, home cinema, TV, game consoles or PC). SENSIO's common shares are listed on the TSX Venture Exchange.
SENSIO® is a registered trademark of SENSIO Technologies Inc.
This news release contains forward-looking information. These statements relate to future events and reflect management's current expectations and assumptions. Such forward-looking statements are based on information currently available to management of SENSIO. These forward-looking statements are made as of the date hereof and SENSIO does not assume any obligation to update or revise them to reflect new events or circumstances.
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.