Sona Mobile Holdings Corp. Closes Private
Placement Financing
of $3.0 Million in Convertible Notes
NEW
YORK, November 29, 2007 – Sona Mobile Holdings Corp. (OTC
BB: SNMB), 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
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