MONTREAL, Sept. 8, 2011 /PRNewswire/ -- SAND Technology Inc. (OTCBB: SNDTF), provider of the world's most advanced column store database, today announced the execution of a subscription agreement with three investors pursuant to which the investors subscribed to $1 million principal amount of promissory notes and 500,000 warrants for gross aggregate proceeds of CDN$1 million to the company.
The promissory notes will mature on November 30, 2011 and 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. The company may, at its option, repay all or any of the outstanding principal prior to the maturity date.
Each warrant will entitle the holder thereof to purchase one common share of the company for a purchase price of USD$0.50 for a term of 3 years until September 7, 2014.
The proceeds from the financing will improve the cash position of the company and will be used for general corporate purposes, including working capital.
About SAND Technology
SAND is the world's most advanced analytic database, managing massive amounts of big data, driving unparalleled performance, and deploying information to tens of thousands of concurrent users across the enterprise. With industry-leading software solutions for CRM and Loyalty, and having achieved "Certified for SAP NetWeaver" status and "Powered by SAP NetWeaver" status, SAND delivers best-of-breed analytic performance to over 600 customers around the world. SAND Technology has offices in the United States, Canada, Western and Central Europe, and Australia and can be reached online at www.sand.com.
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 and the Private Securities Litigation Reform Act of 1995 or as "forward looking information" under Canadian securities legislation (collectively, "forward looking statements"). 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 by their nature 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 (filed on EDGAR at www.sec.gov) and the Canadian securities authorities (filed on SEDAR at www.sedar.com). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by applicable laws, 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.
SOURCE SAND Technology Inc.