Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) announces that it has closed its previously announced acquisition of Siva Therapeutics, Inc. (“Siva”). Pursuant to the share exchange agreement announced on January 26, 2023, Sona has issued 15,107,457 common shares in the Company to the shareholders of Siva, which were issued at the ten-day volume weighted average price for C$0.1824 per share, or US$2.0 million in total. As additional consideration, Sona may issue additional Performance Shares to the shareholders of Siva in up to four instalments for up to an additional US $6.65 million in Sona common shares, upon Siva achieving the four milestones, described in Sona’s press release of January 26, 2023.

David Regan, CEO of Sona, commented, “By merging with Siva, Sona’s primary goal now becomes developing Targeted Hyperthermia Therapy (“THT”) to help increase the treatability of colorectal cancer and reduce the estimated 60,000 deaths that are projected to occur each year in North America. In so doing, there is a service obtainable market for THT for rectal cancer alone estimated to be US $2.1 billion.  While this won’t be quick or easy to achieve, doing so could save lives and improve the quality of life for thousands for people living with cancer.”

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