EDMONTON, ALBERTA -- (Marketwire) -- 12/13/12 -- Synodon Inc. ("Synodon") (TSX VENTURE: SYD), a developer of advanced remote sensing technologies is pleased to announce the closing of a private placement of units (the "Units") at a price of $0.10 per Unit, for aggregate gross proceeds of $300,000. The Units are comprised of one Class A common share (a "Share") and one Share purchase warrant. Each warrant (a "Warrant") entitles the holder to purchase one Share of the Corporation at an exercise price of $0.15 per Share until December 13, 2013. The proceeds will be used by Synodon for general working capital.
The Shares and Warrants comprising the Units are subject to a four month statutory hold period which expires on April 14, 2013.
In connection with the closing of the private placement, finder's fees totaling $6,440 were paid and 64,400 warrants, having terms the same as the Warrants, were issued in accordance with the policies of the TSX-V.
Synodon Inc. (www.synodon.com) is an Edmonton based technology company that 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 offers accurate and reliable pipeline leak detection services with comprehensive reporting to the oil and gas industry.
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.
President & CEO
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