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Gold/Mining/Energy : PYNG Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Stang who wrote (6727)	5/8/2002 12:02:34 AM
From: Stang	Read Replies (1) \| Respond to of 8117

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 quote.stockwatch.com Stang