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NuGen Medical to Raise Up to $3.6 Million in Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - March 31, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (th...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Medical to Raise Up to $3.6 Million in Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - March 31, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the \"Company\" or \"NuGen\") announces it intends to complete a non-brokered private placement of up to $3,600,000 through the issuance of up to 20,000,000 units (the \"Units\") in the capital of the Company at a price of $0.18 per Unit (the \"Offering\"). Gross proceeds of the Offering will be used for working capital and general corporate purposes. 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\"). In the event that, following the date of issuance of the Warrants, the volume-weighted average price of the Common Shares on a recognized Canadian stock exchange (which includes the TSX Venture Exchange) is equal to or greater than $0.28 over a ten (10) consecutive trading day period, the Company may, at its option, within ten (10) business days following such 10-day period, accelerate the Warrant Expiry Date by issuing a press release (a \"Warrant Acceleration Press Release\"), and, in such case, the Warrant Expiry Date shall be deemed to be the date that is thirty (30) days following the issuance of the Warrant Acceleration Press Release.The Company may pay certain eligible persons (the \"Finder\") a cash commission equal to 8% of the gross proceeds of the Offering raised from subscribers introduced to the Company by such Finder and broker warrants (\"Broker Warrants\") equal to 8% of the number of Units issued to subscribers of Units introduced to the Company by such Finder. Each Broker Warrant shall entitle 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.Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the 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.This news release do...