Sofame Closes Additional $100,000 of $250,000 Private Placement

MONTREAL, Oct. 24, 2012 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW), (OTC.PK: SFMGF) has issued by way of private placement 5,000,000 non-brokered units at a price of $0.02 per unit. Shares are subject to a 12-month hold period.  Each tranche of $5,000 is accompanied by 125,000 common share purchase warrants, entitling the holder to acquire one additional common share of Sofame at an exercise price of $0.05 until October 25th, 2013. This brings the total raised so far to $165,000 and efforts to raise the full $250,000 as announced on August 31(st) are continuing.  Proceeds of the funding shall be applied specifically to outstanding trade debts, interes, taxes and government liabilities after the funding is completed. The private placement is subject to the TSX Venture Exchange's Notice to Issuers dated August 17, 2012, regarding Temporary Relief from Certain Pricing Requirements.  Under the rules and regulations of the bulletin, the Company is in the process of providing TSXV with information and documentation to support TSXV's conditional acceptance of the Private Placement and granting relief from certain existing pricing requirements.

The Private Placement has been duly and validly approved by the Company's Board of Directors, and no Directors have a direct interest in the Private Placement.  This Private Placement is necessary to support existing operations, activities and assets, and none of the proceeds will be used to fund the purchase or pursuit of new businesses, operations or activities, or to compensate, settle indebtedness with, or otherwise satisfy obligations to, any person who is a Related Party (as such term is defined in Policy 1.1 of the TSX Venture Exchange Corporate Finance Manual).  There are now 170,715,397 issued and outstanding common shares of Sofame.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

John Gocek President & CEO (514) 523-6545 x200

Stone Communication Services Jason Stone (416) 867-2533 jasons@stoneco.com

SOURCE: SOFAME TECHNOLOGIES INC.

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CO: SOFAME TECHNOLOGIES INC. ST: Quebec NI: ENV PVT

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