TORONTO, ON /ACCESSWIRE/July 22, 2022/ NuGen Medical Devices Inc. (TSXV: NGMD, financial) (the “Company“) announces that it has closed the first tranche of a non-brokered private placement with the issuance of 4,118,000 units (“Units“) at a price of $0.10 per unit for gross proceeds of $411,800 (the “Offer“). Each unit consists of one ordinary share (“Ordinary share“) of the Company and one common share purchase warrant (“To guarantee“). Each warrant entitles its holder to purchase one common share for a period of twenty-four (24) months from the closing of the placement at a price of $0.30 per common share. The proceeds of the placement will be used for general working capital purposes.

As part of the completion of the first tranche of the Offer, certain eligible persons (the “Researchers“) received a cash commission of $12,108 equal to 6% of the gross proceeds raised from underwriters presented to the Company through these intermediaries and issued 121,080 non-transferable broker warrants (“Brokerage vouchers“). Each brokerage warrant entitles its holder to purchase one common share for a period of twenty-four (24) months from the closing of the placement at a price of $0.30 per common share.

The closing of the Offering is subject to the receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued under the Offering will be subject to a hold period of four months plus one day from the date of issue and the resale rules of applicable securities laws. The Company has received conditional approval from the TSXV to close up to an additional aggregate amount of $1,088,200 on or before August 11, 2022 and intends to close an additional tranche of up to $338,200 within weeks. to come for total cumulative gross proceeds of $750,000.

This press release does not constitute an offer to sell or a solicitation of an offer to buy and there will be no sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Law“), or the securities laws of any state in the United States and may not be offered or sold in the United States (as defined in Regulation S of the United States Securities Act) unless registered under United States securities law and applicable state securities laws or under an exemption from such registration requirements.

About NuGen Medical Devices

NuGen is an emerging medical device company developing the next generation of needle-free technologies and other innovative medical products. The company’s products, which include the InsuJet™ and PetJet™ needle-free injection systems, are designed to improve the lives of millions of people and animals. NuGen continues to be approved in many countries, including Canada. NuGen’s products are designed for use in several important areas, including but not limited to diabetes, veterinary medicine and vaccines.

For more information, please visit:

Twitter: @NuGen®

For more information, please contact:

Michael Wright
President and CEO
NuGen Medical Devices Inc.
[email protected]

Contact with Investor Relations:

Kin Communications Inc.
[email protected]
(604) 684-6730

Notice regarding forward-looking information:

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement involving discussion of predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using phrases such as “expects “, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budgets”, “expects”, “expects”, “estimates”, “believes ” or “intends” or variations of these words and expressions or indicating that certain actions, events or results “might” or “may”, “will”, “could” or “will” be expected to occur or be achieved ) are not statements of historical fact and may be forward-looking statements.

Neither the 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.

THE SOURCE: NuGen Medical Devices

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