VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2017) - Pyng Medical Corp. (the "Company" or "Pyng") (TSX VENTURE:PYT) is pleased to announce that it has completed its previously announced plan of arrangement whereby all of the issued and outstanding common shares of Pyng (the "Shares") were acquired by Teleflex Medical Canada Inc., a wholly-owned subsidiary of Teleflex Incorporated (the "Arrangement"). The Arrangement was approved by the Supreme Court of British Columbia in its final order dated March 29, 2017.
Pursuant to the Arrangement, all outstanding stock options and warrants were deemed exercised for that number of Shares equal to the "in-the-money amount" of such stock options and warrants in accordance with their terms and all convertible debentures were deemed converted into Shares in accordance with their terms.
Pursuant to the Arrangement, each shareholder of Pyng received cash consideration of US$0.30203 for each Share held.
It is expected that the Shares will be de-listed from the TSX Venture Exchange and Pyng will cease to be a reporting issuer.
Additional information regarding the terms of the Arrangement is set out in Pyng's management information circular dated February 20, 2017, which is available under Pyng's profile at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release contains forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about de-listing from the TSX Venture Exchange and ceasing to be a reporting issuer, described in this release are forward looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission and the TSX Venture Exchange could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions.