Sand Technology Inc. (OTC: SNDTF) Announces $1 Million Financing


On September 8, 2011, Sand Technology Inc. (USA) (OTC: SNDTF), announced that it had completed $1 million financing with the execution of subscription agreement with the three investors.

Yesterday, the company said that it has executed a subscription agreement with three investors pursuant to which the investors subscribed to $1 million principal amount of promissory notes which will mature on November, 30, 2011 and 500,000 warrants which will entitle the holder to purchase one share of the company for a purchase price of $0.50 for a 3 years until September 7, 2014 for gross aggregate proceeds of CDN$1 million to the company.

The promissory notes will bear interest at an annual rate of 15% compounded annually, payable in cash, with 3 months of interest to the maturity date being paid upon closing as a prepayment of said interest.

Net proceeds from this financing will be used for general corporate purposes and to enhance the cash position of the company.

Shares of provider of the world’s most advanced column store database trade closes at $0.65 with no change from previous day close. The stock has 52 week range of $0.26-$0.68. The market capital of the stock stands at $12.43 million with total outstanding shares of 19.12 million.

Currently, the stock is moving above its 50 day & 200 day moving average of $0.58 & $0.52 respectively.

Sand Technology Inc., together with its subsidiaries, engages in the design, development, marketing, and support of software products and services that enable users to retrieve usable business information from large amounts of data.

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