Pyng Medical Corp.

Pyng Medical Corp.

August 12, 2009 10:28 ET

Pyng Growth LLC Acquires Securities of Pyng Medical Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - Pyng Growth LLC ("Pyng Growth") reports that, pursuant to a private placement, Pyng Growth acquired secured subordinated convertible notes in the principal amount of $400,000 (the "Notes") and 2,000,000 common share purchase warrants (the "Warrants") of Pyng Medical Corp. ("Pyng"). The aggregate purchase price of the Notes was $400,000 and the aggregate purchase price of the Warrants was $2,000.

Pyng Growth may convert all or a portion of the total outstanding principal amount of the Notes into common shares of Pyng ("Shares") at a conversion price of $0.20 per Share at any time prior to the date that is five years plus one day after the date the Notes were issued. Each Warrant may be exercised by Pyng Growth for one Share, at $0.22 per Share, at any time prior to the date that is five years plus one date after the date the Warrants were issued. The Shares issuable pursuant to the conversion and exercise of the Notes and Warrants represent approximately 24.99% of Pyng's outstanding Shares.

L.J. Evans, Jr. is a shareholder of Pyng Growth and a director of Pyng. Mr. Evans beneficially owns $300,000 principal amount of the Notes and 1,500,000 of the Warrants. The Shares issuable pursuant to the conversion and exercise of the Notes and Warrants beneficially owned by Mr. Evans represent approximately 19.99% of Pyng's outstanding Shares.

Immediately prior to the acquisition, neither Pyng Growth nor Mr. Evans owned, directly or indirectly, any Shares, convertible notes or warrants of Pyng. The Notes and Warrants were acquired for investment purposes. Pyng Growth will evaluate its investment in Pyng from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease its securityholdings in Pyng as circumstances require. The common shares of Pyng are listed on the TSX Venture Exchange.

For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Pyng's profile on the SEDAR website www.sedar.com.

Contact Information

  • Pyng Growth LLC
    7076 Glanamman Way
    Warrenton, Virginia 20187
    Telephone: 540-341-4727