On August 11, 2026 Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company" or "Sona") reported that it has closed its over-subscribed private placement that was announced on July 31, 2026 with the issuance of 8,423,372 common shares (each, a "Share") at $0.30 per share. (the "Financing"). All securities issued pursuant to the Financing will be subject to a hold period of four months and one day from the date of issuance.
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As previously disclosed, Sona intends to use the net proceeds of the Financing for advancing studies to support the clinical advancement and continuing research and development work on its Targeted Hyperthermia TherapyTM ("THT") oncology treatment, as well as for general working capital purposes.
Directors of the Company subscribed for 300,000 shares. Such participation is considered to be "related party transactions" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
(Press release, Sona Nanotech, AUG 11, 2026, View Source [SID1234669954])