VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 25, 2016) - Pyng Medical Corp. (the "Company") (TSX VENTURE:PYT) is pleased to announce that it has completed amendments to a previously issued secured note in favour of Donatelle Plastics Incorporated ("Donatelle") to provide for the repayment of certain additional invoices of Donatelle in the aggregate amount of US$1.1 million by the Company and to state certain additional terms as agreed by the parties. The Company has also completed amendments (the "Note and Warrant Amendments") to the terms of certain previously issued secured convertible notes in the aggregate principal amount of $530,000 (the "Notes") and amendments to the terms of 10,600,000 previously issued warrants with an exercise price of $0.05 per warrant (the "Warrants"). The Company previously amended the Notes and the Warrants. The most recent amendments extended the maturity date of the Notes and the expiry date of the Warrants to October 25, 2016. The Note and Warrant Amendments include changes to the interest rate of the Notes and additional payments in prescribed circumstances, among other things, as well as an extension of the maturity date of the Notes and the expiry date of the Warrants to April 15, 2018.
Pursuant to the policies of the TSX Venture Exchange ("TSX-V"), the Company is subject to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transactions set out herein are "related party transactions" under MI 61-101. An exemption exists for these transactions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(b). The Company has applied for an exemption from the TSX-V as it meets all of the requirements for the exemption from minority shareholder approval set out in section 5.7(1)(b) with respect to the transactions other than that they are not being made for cash consideration.
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.
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 closing of the transactions described in this release 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 Ontario 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.