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NuGen Medical Devices Announces New Unit Offering and Resignations and Appointment of An Officer and Director
Toronto, Ontario--(Newsfile Corp. - January 26, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Medical Devices Announces New Unit Offering and Resignations and Appointment of An Officer and DirectorToronto, Ontario--(Newsfile Corp. - January 26, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the \"Company\") announces that it has closed its previously announced non-brokered private placement of units as described in its press release dated December 28, 2022 for total aggregate proceeds of $125,000. No additional tranches will be completed. The proceeds will be used by the Company for corporate and general working capital purposes.Further, the Company is pleased to announce a new non-brokered private placement financing (the \"Offering\") for up to 50,000,000 units (each a \"Unit\") of the Company at a price of $0.05 per Unit for gross proceeds of up to $2,500,000. Each Unit will be comprised of one (1) common share in the capital of the Company and one (1) common share purchase warrant exercisable at a price of $0.05 per common share for a period of 24 months from the date of issuance. Gross proceeds raised from the Offering will be used for working capital and general corporate purposes.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 Offering is expected to close on February 7, 2023.Subject to the closing of the Offering in the minimum amount of $2,250,000, the Company has agreed to appoint Richard Buzbuzian as President and Chief Executive Officer of the Company replacing Derek Lindsay who will resign as an officer and director of the Company upon such appointment. The Company intends to announce a director to fill the vacancy created by Mr. Lindsay's resignation should the minimum financing be closed as noted above.Richard Buzbuzian is a capital markets executive with over 25 years of investment experience in Canada and Europe. Most recently, Mr. Buzbuzian was president of Drone Delivery Canada, which he co-founded and assisted with its going public transaction and financing activities in raising over $120M. Mr. Buzbuzian holds a degree from the University of Toronto.Further, the Company would like to announce that W...