SonicStrategy, a digital asset infrastructure company listed in Toronto on the Canadian Securities Exchange under SONI and on the OTCQB under SONIF, said on Oct. 8 that it had completed the first tranche of its previously announced non-brokered private placement.
The company issued 11,250,000 common shares at C$0.20 per share for total proceeds of C$2.25 million. The full amount was settled through an in-kind transfer of 7,922,535 SYN tokens, and the company said it did not receive any cash.
SYN pricing and deal terms
SonicStrategy said SYN was valued at $0.20 per token. Using an agreed exchange rate of US$1 to C$1.42, that translated to C$0.284 per token. The company said the price was confirmed in writing by the parties and approved by its board of directors.
It also said the volume-weighted average price of SYN/USDC on Binance was about $0.1849 over the period from Sept. 28 to Oct. 7.
No warrants were issued as part of the tranche, and no finder’s fees were paid. The shares are subject to a hold period under Canadian securities law until Feb. 9, 2027.
Share count after closing
Following the closing, SonicStrategy said it had 60,870,466 common shares outstanding. The company added that the transaction did not create any new shareholder holding 10% or more.
The first tranche remains subject to final acceptance by the Canadian Securities Exchange.
Planned use of the received SYN
Chief executive officer Dustin Zinger said the acquisition strengthens the company’s digital asset treasury and gives it exposure to an ecosystem that includes on-chain options platform Hypercall.
According to the company, the received SYN is held in custody controlled by SonicStrategy and may be used for staking, validator node activity and digital asset infrastructure operations. The tokens may also be sold or converted to help fund operations.