NuGen Announces Revised Terms of Proposed Private Placement of up to $10 Million Secured Convertible Debentures
NuGen Medical Devices (TSXV: NGMD) has revised the terms of its proposed $10 million private placement of secured convertible debentures. Key changes include:
1. Conversion price adjusted from $0.075 to $0.10 per Unit
2. Warrant exercise price revised from $0.12 to $0.10
3. 12% annual interest rate, payable at 5-year maturity
4. Secured by first-ranking security interest in company assets
5. Proceeds for working capital, production expansion, and order fulfillment
Sol-Millennium and Nature Health may become new Control Persons, requiring shareholder approval. They will have the right to replace three board members upon closing. The offering is subject to regulatory approvals and a four-month hold period.
NuGen Medical Devices (TSXV: NGMD) ha rivisto i termini della sua proposta di collocamento privato di 10 milioni di dollari di obbligazioni convertibili garantite. I principali cambiamenti includono:
1. Prezzo di conversione modificato da 0,075 $ a 0,10 $ per Unità
2. Prezzo di esercizio delle opzioni rivisto da 0,12 $ a 0,10 $
3. Tasso d'interesse annuo del 12%, pagabile alla scadenza di 5 anni
4. Garantito da un interesse di sicurezza di primo grado sugli attivi dell'azienda
5. Proventi per capitale circolante, espansione della produzione e adempimento degli ordini
Sol-Millennium e Nature Health potrebbero diventare nuovi Persone di Controllo, richiedendo l'approvazione degli azionisti. Avranno il diritto di sostituire tre membri del consiglio di amministrazione al momento della chiusura. L'offerta è soggetta ad approvazioni regolamentari e a un periodo di blocco di quattro mesi.
NuGen Medical Devices (TSXV: NGMD) ha revisado los términos de su propuesto colocación privada de $10 millones de bonos convertibles garantizados. Los cambios clave incluyen:
1. Precio de conversión ajustado de $0.075 a $0.10 por Unidad
2. Precio de ejercicio de la opción revisado de $0.12 a $0.10
3. Tasa de interés anual del 12%, pagadera al vencimiento de 5 años
4. Garantizado por interés de seguridad de primer rango en los activos de la empresa
5. Ingresos para capital de trabajo, expansión de producción y cumplimiento de pedidos
Sol-Millennium y Nature Health pueden convertirse en nuevas Personas de Control, requiriendo la aprobación de los accionistas. Tendrán el derecho a reemplazar a tres miembros de la junta al cierre. La oferta está sujeta a aprobaciones regulatorias y a un período de retención de cuatro meses.
NuGen Medical Devices (TSXV: NGMD)는 제안된 1천만 달러의 사모 거래의 안전한 전환사채 조건을 수정했습니다. 주요 변경 사항은 다음과 같습니다:
1. 전환 가격이 0.075 달러에서 0.10 달러로 조정
2. 워런트 행사 가격이 0.12 달러에서 0.10 달러로 수정
3. 연 12%의 이자율로 5년 만기에 지급
4. 회사 자산에 대한 1순위 담보로 보장
5. 운영 자본, 생산 확대 및 주문 이행을 위한 수익
Sol-Millennium과 Nature Health는 새로운 제어 인물이 될 수 있으며, 이는 주주 승인을 요구합니다. 그들은 종료 시 세 명의 이사회를 대체할 권리가 있습니다. 본 제안은 규제 승인을 받으며, 4개월의 보유 기간이 적용됩니다.
NuGen Medical Devices (TSXV: NGMD) a révisé les termes de son placement privé de 10 millions de dollars d'obligations convertibles sécurisées. Les principaux changements incluent :
1. Prix de conversion ajusté de 0,075 $ à 0,10 $ par Unité
2. Prix d'exercice des bons révisé de 0,12 $ à 0,10 $
3. Taux d'intérêt annuel de 12%, payable à l'échéance de 5 ans
4. Securisé par un intérêt de sécurité de premier rang sur les actifs de la société
5. Produits destinés au fonds de roulement, à l'expansion de la production et à l'exécution des commandes
Sol-Millennium et Nature Health peuvent devenir de nouvelles personnes de contrôle, nécessitant l'approbation des actionnaires. Ils auront le droit de remplacer trois membres du conseil d'administration lors de la clôture. L'offre est soumise à des approbations réglementaires et à une période de blocage de quatre mois.
NuGen Medical Devices (TSXV: NGMD) hat die Bedingungen des vorgeschlagenen 10 Millionen US-Dollar Privatplatzierungs von gesicherten wandelbaren Anleihen überarbeitet. Die wichtigsten Änderungen umfassen:
1. Umstellung des Umwandlungspreises von 0,075 $ auf 0,10 $ pro Einheit
2. Überarbeitung des Ausübungspreises der Warrants von 0,12 $ auf 0,10 $
3. 12% jährlicher Zinssatz, zahlbar bei fünfjähriger Fälligkeit
4. Gesichert durch ein erstes Sicherungsrecht an den Vermögenswerten des Unternehmens
5. Einnahmen für Betriebskapital, Produktionsausbau und Auftragsabwicklung
Sol-Millennium und Nature Health könnten neue Kontrollpersonen werden, was die Genehmigung der Aktionäre erfordert. Sie haben das Recht, drei Vorstandsmitglieder zum Zeitpunkt des Abschlusses zu ersetzen. Das Angebot unterliegt regulatorischen Genehmigungen und einer viermonatigen Sperrfrist.
- Potential to raise up to $10 million in capital
- Proceeds to be used for working capital and expansion of production
- Secured financing with first-ranking security interest
- Potential for strategic investors (Sol-Millennium and Nature Health) to become major shareholders
- Dilution of existing shareholders due to potential conversion of debentures
- Higher conversion price may reduce investor interest
- Creation of new Control Persons may alter company direction
- Significant change in board composition with three new members to be appointed by investors
Toronto, Ontario--(Newsfile Corp. - August 15, 2024) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") a leading developer of needle-free devices to administer therapeutics subcutaneously, announces that price protection has expired for its proposed non-brokered private placement (the "Offering") of up to
The Convertible Debentures shall mature on the date that is five (5) years from the closing of the Offering (the "Maturity Date") and shall bear interest at a rate of
The Company intends to use the proceeds from the Offering for working capital purposes, expansion of production and fulfillment of increasing sale purchase orders globally.
At any time prior to the close of business on the last business day immediately preceding the Maturity Date, the holder shall have the right, at the holder's option, to convert all or a portion of the outstanding principal amount of the Convertible Debentures into units of the Company (the "Units") at a price of
The issuance of the Convertible Debentures pursuant to the Offering will be (and, if applicable, the issuance of the underlying Units upon conversion of the Convertible Debentures shall be) completed on a private placement and prospectus exempt basis.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange (the "TSXV"). 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.
It is anticipated that Sol-Millennium Medical HK Limited ("Sol-Millennium") and Nature Health Development (Hong Kong) Co., Limited ("Nature Health") will purchase such number of Convertible Debentures in the offering that, if and when converted into Units, would result in Sol-M and/or Nature Health each holding greater than
In addition upon closing of the Offering, Sol-Millennium and Nature Health will jointly have the right to replace three (3) members of the board of directors of the Company, including the chairman of the board, with its nominees.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. 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 any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About NuGen
NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously. The Company is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics. InsuJet™ is approved for sale in 42 countries around the world.
About Sol-Millennium
Sol-Millennium is one of the world's largest manufacturers of needles and syringes. It is vertically integrated with locations across the globe. Sol-Millennium's innovative technology helps positive patient outcomes, saves on medication, and enhances both clinician and patient experience. With an international sales team dedicated to delivering knowledge and outstanding customer service, Sol-Millennium's goal is to partner with those in healthcare, focusing on a healthier tomorrow.
About Nature Health
Nature Health and its affiliates are involved in the development, manufacturing, and sales of medical consumables, including wound care, surgical products, and infection prevention solutions. Products are sold and distributed globally through the company's hospitals, pharmacies, and e-commerce platforms.
For further information, please visit:
Websites: www.insujet.com, www.nugenmd.com, www.solm.com, and www.solm.com/insujet/
Instagram: @NuGenMD
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/
and www.linkedin.com/company/sol-millennium-medical-group/
For further information, please contact:
Tony Di Benedetto
Executive Chairman
(416) 791-9399
tony@nugenmd.com
Ian Heynen
CEO
(416) 560-1019
ian@nugenmd.com
To arrange a media interview with NuGen, please contact:
Morna Gorman
(416) 553-1732
morna@nugenmd.com
Notice Regarding Forward-Looking Information:
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220071
FAQ
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