TORONTO, ON / ACCESSWIRE / January 20, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) ("NuGen M.D." or the "Company") announces that it has agreed to settle an aggregate of $500,000 of indebtedness owed to an arm's length creditor (the "Creditor") with respect to royalty payments due to the Creditor through the issuance of an aggregate of 1,644,736 common shares ("Common Shares") of the Company at a price of $0.304 per Common Share (the "Debt Settlement"). The Company has elected to settle the indebtedness through the issuance of Common Shares to preserve cash and improve the Company's balance sheet.
The Debt Settlement remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All Common Shares issued in connection with the Debt Settlement shall be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About NuGen Medical Devices:
NuGen is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. NuGen's principal business is the development and commercialization of innovative needle-free injection devices and systems for the administration of subcutaneous medication. It is developing products using needle-free drug delivery technology in several important fields including, but not limited to, anaphylaxis, diabetes, severe migraine, erectile dysfunction, chronic anemia, neutropenia, autoimmune rheumatoid arthritis, growth and fertility hormone, psoriasis as well as DNA and conventional/pediatric vaccines.
For More Information visit: www.nugenmd.com
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/
For further information, please contact:
Michael Wright
President and CEO
NuGen Medical Devices Inc.
[email protected]
(514) 992-9484
Investor Relations Contact:
Kin Communications Inc.
[email protected]
(604) 684-6730
Notice Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, 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", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: NuGen Medical Devices Inc.