EDMONTON, ALBERTA--(Marketwired - Aug. 26, 2013) - Synodon Inc. ("Synodon") (TSX VENTURE:SYD), announces the exercise during August, 2013 of 12,707,197 common share purchase warrants issued as part of Synodon's August 24, 2012 financing, resulting in proceeds of $1,906,080 to Synodon. In that financing, Synodon issued units that included 14,783,531 whole warrants entitling the holders to purchase one common share of Synodon stock at a price of $0.15 until August 24, 2013.
Of the total available warrants from the August 2012 financing, 87% have been exercised by their holders and the remaining 1,971,334 warrants expired.
"We appreciate the continued confidence of our shareholders," said Adrian Banica, Chief Executive Officer of Synodon. "We are proud of the progress we have made over the past year in growing our US customer base and enhancing our service offerings. The exercise of these warrants strengthens our overall financial position, further ensuring that we have sufficient financial resources to continue to advance our customer acquisition programs in both the gas and the recently added oil pipeline sectors."
Synodon Inc. (www.synodon.com) is a technology company which has developed an advanced airborne remote gas sensing system called realSens™, based on technologies developed under the Canadian Space Program and by Synodon scientists. The company currently provides advanced airborne pipeline integrity management services to the oil and gas sector through a suite of services including natural gas and liquid hydrocarbon leak detection, pipeline threat assessments, and waterway crossings analysis among others.
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