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NuGen Medical Devices Announces Closing of $4,000,000 Non-Brokered Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - April 25, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (" ...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Medical Devices Announces Closing of $4,000,000 Non-Brokered Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - April 25, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (\"NuGen\" or the \"Company\") announces that it has closed its non-brokered private placement of units (the \"Offering\") through the issuance of 22,222,222 units (each a \"Unit\") at a price of $0.18 per Unit for aggregate gross proceeds of $4,000,000. \"Strong investor demand from new and existing shareholders has provided NuGen with the capital necessary to embark on the Company's next phase of growth. Our path to commercialization of our needle-free injection device, InsuJetTM is clearly defined, and we look forward to beginning reporting sales from both our B2B and B2C business vertices as they occur,\" commented Richard Buzbuzian, CEO. \"On behalf of NuGen, I would like to thank our shareholders for their support.\"Each Unit consists of one common share (each, a \"Common Share\") and one Common Share purchase warrant (each, a \" Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.24 for a period of twenty-four (24) months from the closing date of the Offering (the \"Warrant Expiry Date\"). Should the closing price at which the Common Shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed $0.28 for 10 consecutive trading days at any time following the date that is four months and one day after the date of issuance, the Company may, at its option, within 10 business days following such 10-day period, accelerate the Warrant Expiry Date (the \"Reduced Warrant Term\") such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Company announcing the Reduced Warrant Term.Net proceeds raised from the Offering will be used for working capital and general corporate purposes.In connection with the closing of the Offering, the Company paid certain eligible persons a cash commission of $235,192.59 in the aggregate and issued 1,323,157 broker warrants (\"Broker Warrants\"). Each Broker Warrant entitles the holder thereof to acquire one Unit at a price of $0.18 per Unit for a period of two (2) years from the date of issuance. Broker Warrants are subject to the...