NuGen Announces Offering and Closing of First Tranche of Private Placement

TORONTO, ON / ACCESSWIRE / July 22, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (the "Company") announces that it has closed the first tranche of a non-brokered private placement through the issuance of 4,118,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of $411,800 (the "Offering"). Each Unit is comprised of one common share ("Common Share") of the Company and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share for a period of twenty-four (24) months from the closing of the Offering at a price of $0.30 per Common Share. The proceeds of the offering will be used for general working capital purposes.

In connection with the completion of the first tranche of the Offering, certain eligible persons (the "Finders") were paid a cash commission of $12,108 equal to 6% of the gross proceeds raised from subscribers introduced to the Company by such Finders and issued 121,080 non-transferable broker warrants ("Broker Warrants"). Each Broker Warrant entitles the holder to purchase one Common Share for a period of twenty-four (24) months from the closing of the Offering at a price of $0.30 per Common Shares.

Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The Company has received conditional approval from the TSXV to close up to an additional aggregate amount of $1,088,200 on or prior to August 11, 2022 and intends to close an additional tranche of up to $338,200 in the upcoming weeks for total cumulative gross proceeds of $750,000.

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About NuGen Medical Devices

NuGen is an emerging specialty medical device company developing the next generation of needle-free technologies and other innovative medical delivery products. The company's products, which include the InsuJet™ and PetJet™ needle-free injection systems, are designed to improve the lives of millions of people and animals. NuGen continues to receive approval in numerous countries, including Canada. NuGen's products are designed for use in several important fields including, but not limited to, diabetes, veterinary medicine, and vaccines.

For further information, please visit:

Website: 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.
mw@nugenmd.com
1-833-285-2666

Investor Relations Contact:

Kin Communications Inc.
NGMD@kincommunications.com
(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