Business
NuGen Announces Offering and Closing of First Tranche of Private Placement
TORONTO, ON / ACCESSWIRE / July 22, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (the " Com...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Announces Offering and Closing of First Tranche of Private PlacementTORONTO, ON / ACCESSWIRE / July 22, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (the \"Company\") announces that it has closed the first tranche of a non-brokered private placement through the issuance of 4,118,000 units (\"Units\") at a price of $0.10 per Unit for gross proceeds of $411,800 (the \"Offering\"). Each Unit is comprised of one common share (\"Common Share\") of the Company and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share for a period of twenty-four (24) months from the closing of the Offering at a price of $0.30 per Common Share. The proceeds of the offering will be used for general working capital purposes.In connection with the completion of the first tranche of the Offering, certain eligible persons (the \"Finders\") were paid a cash commission of $12,108 equal to 6% of the gross proceeds raised from subscribers introduced to the Company by such Finders and issued 121,080 non-transferable broker warrants (\"Broker Warrants\"). Each Broker Warrant entitles the holder to purchase one Common Share for a period of twenty-four (24) months from the closing of the Offering at a price of $0.30 per Common Shares.Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The Company has received conditional approval from the TSXV to close up to an additional aggregate amount of $1,088,200 on or prior to August 11, 2022 and intends to close an additional tranche of up to $338,200 in the upcoming weeks for total cumulative gross proceeds of $750,000.This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or the securities laws of any state of the United States and may not be offered or...