NuGen Medical Devices Announces Approval Of Warrant Amendment Application

Rhea-AI Summary

NuGen Medical Devices has received approval from the TSX Venture Exchange to extend the expiry date and reduce the exercise price of 7,500,000 common share purchase warrants. The expiry date is extended by 12 months to September 30, 2023, and the exercise price is reduced from $0.70 to $0.40.

Additionally, the company’s private placement of 10% unsecured convertible debentures totaling $740,000 has received final acceptance, with no additional proceeds raised.

Positive

• Warrant expiry extended by 12 months, potentially enhancing liquidity.
• Reduced exercise price from $0.70 to $0.40 may incentivize warrant conversions.

Negative

• Warrant price reduction may indicate prior market challenges.
• No additional funds raised from private placement could limit future growth.

TORONTO, ON / ACCESSWIRE / September 28, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (the "Company") announces that, further to its press release on September 15, 2022, the TSX Venture Exchange ("TSXV") has approved the Company's application to extend the expiry date and reduce the exercise price of an aggregate of 7,500,000 outstanding common share purchase warrants of the Company (the "Warrants").

The Company received approval from the TSXV to extend the expiry term of the Warrants for an additional 12 months from September 30, 2022 to September 30, 2023, and to amend the exercise price of the Warrants from $0.70 per Warrant to $0.40 per Warrant. All other provisions of the Warrants will remain the same.

The Company also announces that, further to its press release on September 8, 2022, its previously announced non-brokered private placement of 10% unsecured convertible debentures in the amount of $740,000 (the "Debenture Offering") which closed on September 8^th, 2022 received final acceptance from the TSXV and no additional proceeds were raised under the Debenture Offering in any subsequent tranche.

About NuGen Medical Devices

NuGen is an emerging specialty medical device company developing the next generation of needle-free technologies and other innovative medical delivery products. The company's products, which include the InsuJet™ and PetJet™ needle-free injection systems, are designed to improve the lives of millions of people and animals. NuGen continues to receive approval in numerous countries, including Canada. NuGen's products are designed for use in several important fields including, but not limited to, diabetes, veterinary medicine, and vaccines.

For further information, please visit:

Website: www.nugenmd.com
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/

For further information, please contact:

Michael Wright
President and CEO
NuGen Medical Devices Inc.
mw@nugenmd.com
1-833-285-2666

Investor Relations Contact:

Kin Communications Inc.
NGMD@kincommunications.com
(604) 684-6730

Notice Regarding Forward-Looking Information:

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.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: NuGen Medical Devices

View source version on accesswire.com:
https://www.accesswire.com/717869/NuGen-Medical-Devices-Announces-Approval-Of-Warrant-Amendment-Application

FAQ

What is the significance of NuGen Medical Devices' warrant amendment?

The amendment allows for an extended expiry and a reduced exercise price, which may enhance liquidity and incentivize investors.

What changes were made to the warrants held by NuGen Medical Devices?

NuGen extended the expiry date by 12 months and reduced the exercise price from $0.70 to $0.40.

How much was raised in NuGen Medical Devices' private placement?

NuGen raised $740,000 through its non-brokered private placement of unsecured convertible debentures.

When does the new expiry date for NuGen's warrants occur?

The new expiry date for the warrants is September 30, 2023.