VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - Pyng Medical Corp. (the "Company") (TSX VENTURE:PYT) announces, further to its press releases dated May 14, 2009, May 25, 2009 and July 9, 2009, that it has closed the first tranche of its non-brokered private placement (the "Private Placement") of secured subordinated convertible notes (the "Notes") and common share purchase warrants (the "Warrants"). Total gross proceeds of $547,725 were raised through the sale of $545,000 principal amount of Notes and proceeds of $2,725 for 2,725,000 Warrants.
For details of the Notes and Warrants, please refer to the Company's press releases dated May 14, 2009, May 25, 2009 and July 9, 2009.
All securities issued or issuable pursuant to the first tranche of the Private Placement are subject to a hold period expiring December 11, 2009. Proceeds of the Private Placement will be used by the Company for general working capital and continued development of its products.
The Private Placement is subject to the final approval of the TSX Venture Exchange.
About Pyng Medical Corp.
Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Creators of the FAST1(R) Intraosseous Infusion System, 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. Pyng has received the exclusive 2008 Medical Device Company of the Year Award from Life Sciences British Columbia for its sustained achievements in commercializing the Company's proprietary FAST1(R), the only medical device able to provide rapid sternal access for administering drugs and fluids to the heart in seconds. The Company was also selected in the "2007 TSX Venture 50" Top 10 companies in Life Sciences based on solid financial metrics for the year ending December 31, 2006.
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.
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Pyng Medical Corp.