SAND Closes a Private Placement
MONTREAL, April 24 /PRNewswire-FirstCall/ -- SAND Technology Inc. (BULLETIN BOARD: SNDTF) , an international provider of intelligent enterprise information management software, is pleased to announce that it has closed a private placement of 1,114 units for aggregate proceeds of US$1,002,600. Each unit consists of US$900 principal amount secured convertible debenture and 1,000 common share purchase warrants.
Each US$900 principal amount secured convertible debenture is convertible into class A common shares of the Corporation (a "Class A Share") at a price of $0.45 per share and redeemable at the option of the Corporation at US$0.45 per share if the bid price of the Corporation Class A Shares has been above US$1.50 for sixty (60) consecutive trading days, the whole in accordance with the terms and conditions of the debenture. Each common share purchase warrant entitles its holder thereof to purchase one additional Class A Share at a price of US$0.70 per share at any time until the earlier of the close of business on the day which is thirty-six (36) months from the closing date or sixtieth (60th) consecutive trading day in which the bid price of the Class A Share has been above US$1.50. The financing is secured by a first rank hypothec on all of the Corporation's property and assets, movable and immovable, corporeal and incorporeal, present and future, of every kind and nature for the principal amount and accrued interest.
The proceeds of the private placement will be used to increase marketing and advertising efforts, working capital needs and expansion. "This Placement will enable SAND to invest in its future growth," said Arthur Ritchie, President and Chief Executive Officer of SAND.
About SAND Technology(R) SAND Technology provides organizations worldwide with a unique vantage point from which to survey the competitive landscape. SAND's advanced analytic data management products empower users with a better understanding of their business environment through better access to their business data. SAND Technology-based solutions include CRM analytics, financial analysis, regulatory compliance and specialized Business Intelligence applications for government and security, healthcare, telecommunications, financial services, retail and other business sectors. SAND Technology has offices in the United States, Canada, the United Kingdom and Central Europe. For more information, visit http://www.sand.com/ All Rights Reserved. SAND Technology and Nucleus are registered trademarks, and SAND Analytic Server, SAND Searchable Archive, See What's on the Horizon, analytics @ the speed of business, and all related SAND- and Nucleus-based marks and designs, are trademarks of SAND Technology Inc. Other trademarks are the property of their respective owners. Certain statements contained in this press release are "forward looking statements" within the meaning of the United States Securities Act of 1933 and of the United States Securities Exchange Act of 1934. The forward-looking statements are intended to be subject to the safe harbour protection provided by these Acts. We have based these forward-looking statements on our current expectations and projections about future results, levels of activity, events, trends or plans. Such forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SAND to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward looking statements included in this press release are based on current expectations and on information available to SAND on the date of this press release. For a more detailed discussion of these risks and uncertainties and other business risks, see SAND's current Annual Report and SAND's reports to the Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events. First Call Analyst:
CONTACT: Investor Relations, de Jong & Associates, +1-760-943-9065, Web site: http://www.sand.com/
2008-04-24 18:38:13 0345052 PRNEWSWIRE
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