NuGen Announces Closing of Private Placement of $10 Million Secured Convertible Notes

Toronto, Ontario–(Newsfile Corp. – September 20, 2024) – NuGen Medical Devices Inc. (TSXV:NGMD) (the “Company” or “NuGen“) a leading developer of needle-free devices for subcutaneous delivery of therapeutic agents, is pleased to announce that, further to the press release dated August 15, 2024, Sol-Millennium Medical HK Limited (“Sun-M“) and Nature Health Development (Hong Kong) Co. Limited (“Nature Health“) have completed their strategic investment in NuGen through the acquisition of C$10,000,000 aggregate principal amount of covered convertible notes (the “Convertible bonds“) in the Company’s non-brokered private placement of convertible bonds (the “To offer“).

The company plans to use the proceeds from the offering for working capital, production expansion and to fulfill incremental sales orders worldwide.