Pyng Medical Corp.
TSX VENTURE : PYT

Pyng Medical Corp.

July 19, 2012 09:00 ET

Pyng Medical Corp. Announces Closing of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2012) - Pyng Medical Corp. (TSX VENTURE:PYT) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement financing (the "Financing") for aggregate gross proceeds of approximately $175,000.

Upon closing of the Financing, the Company issued a total of 1,940,833 units (the "Units"), each Unit made up of one common share of the Company (a "Common Share") and three-quarter of one Common Share purchase warrant (each, a "Warrant") at a price of $0.09 per Unit. Each whole Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.1125 per share for a period of four years after the closing.

The Financing is subject to final acceptance by the TSX Venture Exchange. All securities issued in connection with the Financing will be subject to a four month hold period that expires on November 20, 2012.

The proceeds from the Financing will be used for debt reduction and general working capital.

Mr. Jeffrey Weinstein of Kansas City, Missouri, USA, reports that he has acquired ownership of and control over 1,940,833 Common Shares representing approximately 11.455% of the issued and outstanding Common Shares and 1,455,624 Warrants pursuant to the Financing. Mr. Weinstein now owns and controls 1,940,833 Common Shares representing approximately 11.455% of the issued and outstanding Common Shares and 1,455,624 Warrants. On a diluted basis, should Mr. Weinstein exercise all of his 1,455,624 Warrants, he would have ownership of and control over 3,396,457 Common Shares representing approximately 18.461% of the issued and outstanding Common Shares. Mr. Weinstein acquired the Units for investment purposes. Presently, Mr. Weinstein has no intention of acquiring any further securities of the Company. Mr. Weinstein may acquire ownership of or control over further securities of the Company in the future depending upon market circumstances. Such increase in ownership will depend on numerous conditions, including the price of the Common Shares and general market conditions. A copy of Mr. Weinstein's Early Warning Report will be available on SEDAR.

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

About Pyng Medical Corp.

Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.

Safe Harbour Statement; Forward-Looking Statements: This release may contain 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 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 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.

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

Contact Information

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