Pyng closes 782,887-unit private placement
Pyng Technologies Corp PYT
Shares issued 10,535,478 May 6 2002 close $.450
Tuesday May 7 2002 News Release
Mr. Michael Jacobs reports
NEWS RELEASE
Pyng Technologies has closed its private placement as announced in Stockwatch April 24, 2002. Seven hundred eighty-two thousand eight hundred eighty-seven units at a price of 45 cents per unit were subscribed for together with a subscription for 65,718 common shares. Each unit comprises one common share in the capital of the company and one non-transferable common share purchase warrant. One common share purchase warrant is exercisable to purchase an additional share at a price of 55 cents for a two-year period from the date of issuance. The common shares issued under the private placement have a hold period expiring Sept. 2, 2002.
The net proceeds from the placement will be used as follows:
hire a marketing/sales director and a training co-ordinator;
continue a comprehensive marketing and sales strategy in North America;
initiate co-operative studies on the F.A.S.T.1( System in key target market EMS services throughout North America;
provide direct sales and technical assistance to distributor sales personnel and the EMS industry at large;
enhance the manufacturing processes, purchase specialized tooling for the manufacture of the component parts of the F.A.S.T.1( System;
complete all regulatory approval processes in the next targeted markets, Europe, Asia, Australasia and other areas;
expand market opportunities for the F.A.S.T.1( Intraosseous infusion technology by completing the development of derivative products; and
general corporation purposes.
In connection with the placement a cash commission of $8,496 (8 per cent of $106,200) has been paid to Raymond James Ltd.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com
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