NuGen Medical Devices Announces Closing of $2,500,000 Non-Brokered Private Placement of Units

Toronto, Ontario--(Newsfile Corp. - February 14, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company") announces that it has closed its previously announced (see press release dated January 26, 2023) non-brokered private placement of units (the "Offering") through the issuance of 50,000,000 units (each a "Unit") at a price of $0.05 per Unit for aggregate gross proceeds of $2,500,000.

Each Unit is comprised of one (1) common share in the capital of the Company ("Common Shares") and one (1) Common Share purchase warrant exercisable at a price of $0.05 per Common Share for a period of 24 months from the date of issuance. Net proceeds raised from the Offering will be used for working capital and general corporate purposes.

In connection with the closing of the Offering, the Company paid certain eligible persons a cash commission of $103,400 in the aggregate.

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.

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:

Derek Lindsay
Interim CEO and Director
NuGen Medical Devices Inc.
info@nugenmd.com

Notice Regarding Forward-Looking Information:

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.

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. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154818