Pyng Growth LLC

November 03, 2014 19:40 ET

Pyng Growth LLC Acquires Securities of Pyng Medical Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2014) - Pyng Growth LLC ("Pyng Growth") reports that Pyng Growth acquired 6,666,666 common share purchase warrants (the "Warrants") of Pyng Medical Corp. ("Pyng"). The acquisition was in relation to the completion of amendments (the "Amendments") to the terms of a secured convertible note previously issued to Pyng Growth dated August 10, 2009 in the aggregate principal amount of $400,000 (the "Note").

Pursuant to the Amendments, Pyng Growth may convert all or a portion of the total outstanding principal amount of the Note into common shares of Pyng (each a "Share") at a conversion price of $0.06 per Share. Each Warrant may be exercised by Pyng Growth for one Share, at $0.065 per Share. Assuming the conversion and exercise of the entirety of the Note and Warrants, Pyng Growth would hold 13,333,332 Shares, representing approximately 36.1% of Pyng's outstanding Shares.

L.J. Evans, Jr. is the controlling shareholder of Pyng Growth and is a director of Pyng. Mr. Evans beneficially owns the Note and a total of 6,666,666 Warrants. On a fully diluted basis, Mr. Evans would own (either directly or indirectly by virtue of being the controlling shareholder of Pyng Growth) 13,573,332 Shares, representing approximately 36.5% of Pyng's outstanding Shares.

As of November 3, 2014, Pyng Growth or Mr. Evans own or control no Shares of Pyng. The Note 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.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report"). 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
    540.341.4727