VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2009) - Further to its press release dated May 14, 2009 announcing the terms of a non-brokered private placement (the "Private Placement") of secured subordinated convertible notes ("Notes"), Pyng Medical Corp. (the "Company") (TSX VENTURE:PYT) announces that the conversion price of the Notes has now been fixed at $0.20 per unit and the Private Placement will consist of up to $1 million aggregate principal amount of Notes.
All other terms of the Private Placement remain as outlined in the Company's press released dated May 14, 2009.
The Private Placement is subject to the negotiation, execution and delivery of definitive agreements and the receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.
About Pyng Medical Corp.
Pyng is a leader in resuscitation innovation with simple-to-use and highly effective products including FAST1(R) Intraosseous Infusion System, the FASTX System, T-POD(R) Pelvic Stabilizer, and MAT(R) Tourniquet. The Company is awaiting FDA approval of the CRIC(TM) Cricothyrotomy System which is currently under final development. The Company plans to submit an application for FDA approval of the FASTX System which is currently still under development.
On behalf of the Board of Directors of Pyng Medical Corp.
Kevin O'Neill, Director, Pyng Medical Corp.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pyng Medical Corp.