Pyng Medical Corp.
TSX VENTURE : PYT

Pyng Medical Corp.

November 02, 2015 19:05 ET

Pyng Medical Announces Shares for Debt Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 2, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Pyng Medical Corp. (the "Company") (TSX VENTURE:PYT) wishes to announce that it has entered into a debt settlement agreement with a creditor of the Company pursuant to which it has issued 2,765,167 units of the Company (the "Units") at a price of $0.05 per Unit in order to settle certain obligations of the Company under a promissory note dated August 26, 2015 and trade accounts payable owing as at November 30, 2014. The Company is issuing the Units to settle outstanding debts totalling CDN$138,258.36 (the "Debt").

Each Unit is to be comprised of one common share of the Company (a "Share") and one-fifth of a common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase, in accordance with the terms of the Warrant, one Share and will have an exercise price of $0.05 per Share and a term of one year. No fractional Units or Warrants will be issued. The settlement of the Debt in exchange for the issuance of the Units has been approved by the TSX-Venture Exchange.

The Shares and Warrants may not be traded for a period of four months plus one day from the closing of the transaction described in this release. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of such Act.

About Pyng Medical Corp.

Pyng Medical Corp. engineers and markets award-winning trauma and resuscitation products for front-line critical care personnel world-wide. Pyng's product portfolio includes innovative sternal intraosseous (sternal IO) pelvic stabilization and tourniquet devices specifically designed and customized for both the military and civilian markets. With growing markets in North America, Europe and Asia, Pyng develops user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.

More information about Pyng is available on SEDAR at www.sedar.com under the Company's profile and on its website: www.pyng.com.

The securities described herein 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, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of the Company's securities in the United States.

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

Safe Harbour Statement; Forward-Looking Statements: 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 the final TSX-V approval, the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", 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, the TSX Venture Exchange, as well as other USA Commissions, 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, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

Contact Information

  • Pyng Medical Corp.
    George Dorin
    Chief Financial Officer
    (604) 303-7964 x219
    www.pyng.com