Sonex raises $580,000 in 2 private financings

Maryland Watch

April 09, 1997

Annapolis-based Sonex Research Inc. announced yesterday that it has raised $580,000 in two private financings.

The money will be used as working capital for the next year, said George E. Ponticas, the company's chief financial officer.

The publicly held company is attempting to license marketing rights to a piston it developed that reduces emissions from diesel engines. It has been in licensing negotiations lately with T&N Technology PLC, an auto parts manufacturer in Britain, Ponticas said.

Sonex said the recent financings include $330,000 from a small number of shareholders who qualified as accredited investors.

In exchange for the investments, the company issued 440,000 shares of its common stock and five-year warrants to purchase 220,000 shares of common stock at 75 cents each.

Sonex said it also received an equity investment of $250,000 from Proactive Partners L.P. and some of its affiliates. The group is the largest beneficial owner of Sonex' common stock, by virtue of its holdings of convertible preferred stock and warrants for common stock.

Pub Date: 4/09/97

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.