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NuGen Medical Devices Announces Closing of $450,000 Non-Brokered Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - May 18, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (" Nu...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Medical Devices Announces Closing of $450,000 Non-Brokered Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - May 18, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (\"NuGen\" or the \"Company\") announces that it has closed a non-brokered private placement of units (the \"Offering\") through the issuance of 2,500,000 units (each a \"Unit\") at a price of $0.18 per Unit for aggregate gross proceeds of $450,000.\"As a result of strong demand, we elected to accommodate those that missed the cut-off date from our previous financing that closed April 25, 2023,\" commented Richard Buzbuzian, CEO. \"I would like to thank all our shareholders for their support, and I am also excited to soon begin reporting sales from both our B2B and B2C business vertices as they occur.\"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 $31,470.35 in the aggregate and issued 174,835 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 Reduced Warrant Term. Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, includin...