Sona Mobile Holdings Corp., a leading provider of secure software solutions for gaming and entertainment, announced today that it has closed its previously announced $3,000,000 private placement of convertible notes and warrants.
On November 28, 2007, Sona issued and sold 8% senior unsecured convertible debentures due 2010 in the aggregate principal amount of $3,000,000 (the "Notes") and five-year warrants (the "Warrants") to purchase an aggregate of 3,333,333 shares of Sona's common stock, par value $.01 per share, for gross proceeds of $3,000,000 before payment of placement agent fees and offering related expenses. Roth Capital Partners, LLC acted as exclusive placement agent in connection with the transaction. The net proceeds from the sale of the Notes and Warrants will be used for working capital purposes.
"This offering provides us with the capital necessary to expand upon our market leading server-based gaming solutions," stated Shawn Kreloff, Chairman and Chief Executive Officer of Sona. "We are excited about our Company's prospects moving forward. We exhibited our GLI certified server-based gaming system at the Global Gaming Expo (G2E) in Las Vegas running 21 different video slot, table game, video poker, and race and sports applications-all operating from a single fixed screen kiosk. Secondly, communal play versions of roulette and baccarat were also available from the same screen. Our server based gaming products were well received by casino operators, cruise lines and other wagering venues who saw our live demos."
Todd Fromer & Garth Russell
KCSA Worldwide
212.896.1215 & 212.896.1250
tfromer@kcsa.com & grussell@kcsa.com
November 29, 2007
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