Pyng Medical Corp.
TSX VENTURE : PYT

Pyng Medical Corp.

June 06, 2012 09:30 ET

Pyng Medical Corp. Extends Previously Announced $500,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2012) - Pyng Medical Corp. (TSX VENTURE:PYT) (the "Company") announces it is continuing its efforts to complete a non-brokered private placement (previously announced on April 10, 2012) of up to 5,555,555 units (the "Units") at a price of $0.09 per Unit for gross proceeds of up to $500,000 (the "Offering"). Each Unit will consist of one (1) common share of the Company and three-quarters (3/4) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one (1) additional common share of the Company at a price of $0.1125 per share for a period of four years from the date of issue.

The Units will be sold on a private placement basis to qualified investors pursuant to exemptions from the prospectus requirements.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation. The Company may pay a finder's fee on the Offering in cash, common shares, warrants, or a combination thereof, in accordance with the policies of the TSX Venture Exchange (the "Exchange").

The net proceeds from the Offering will be used for debt reduction and general working capital. The completion of the Offering is subject to the approval of the Exchange. There can be no assurance that the Offering will be completed as proposed or at all.

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