Fintech
BuzBuz Capital and Inolife R&D Announce Closing of Qualifying Transaction
Toronto, Ontario–(Newsfile Corp. – October 19, 2021) – NuGen Medical Devices Inc. (formerly BuzBuz Capital Corp. (“Buz“)) (the “Company“), is pleased to announce that it has closed its previously announced business combination (the “Transaction“) with Inolife R&D Inc. (“Inolife“). The Transaction consisted of the acquisition by the Company of all of the issued and outstanding common shares in the capital of Inolife by way of a three-cornered amalgamation, pursuant to which a wholly-owned subsidiary of the Company amalgamated with Inolife and each Inolife shareholder received one (1) post-consolidation common share in the capital of the Company for each post-consolidated Inolife common share held, following the consolidation of the Inolife common shares on a three for one basis. As part of the Transaction, the Company changed its name from “BuzBuz Capital Corp.” to “NuGen Medical Devices Inc.” and the directors and management of Inolife became the directors and management of the Company.
Following the completion of the Transaction, Inolife (now renamed EPG Global Ltd.) is now a wholly-owned subsidiary of the Company, and the Company meets the listing requirements for a “Tier 2” life sciences issuer on the TSX Venture Exchange (the “Exchange“). The Company will continue the business of Inolife, which is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. Inolife has commercialized needle-free injection systems for the administration of subcutaneous medication, which is approved for sale in over 40 countries globally. Trading in the common shares of the Company is expected to begin on the Exchange later this month under the symbol “NGMD”.
“We are very pleased with the closing of this transaction and to have NuGen Medical Devices trading on the TSX Venture Exchange shortly. This is a very important milestone for the company that will allow us to begin executing on our plan to become the leader in needle-free medical device technology,” said Michael Wright, the new Chief Executive Officer and a director of the Company following the completion of the Transaction.
Prior to the Transaction, Buz was a Capital Pool Company (as defined under the policies of the Exchange), and had not commenced commercial operations and had no assets other than cash. In connection with the Transaction, on October 15, 2021, Buz consolidated its common shares on the basis of one (1) post-consolidation common share for each two (2) pre-consolidation common shares. The Transaction constituted Buz’s “Qualifying Transaction”, as such term is defined in Policy 2.4 of the Exchange.
In connection with the Transaction, Inolife completed a brokered private placement through Canaccord Genuity Corp. of 15,000,000 subscription receipts at a price of $0.40 per subscription receipt for gross proceeds of $6 million. Each subscription receipt was deemed automatically converted into one unit (a “Unit“) of Inolife, without the payment of additional consideration or the taking of further action on the part of the subscriber. Each Unit is comprised of one common share in the capital of Inolife and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one common share in the capital of Inolife (each, a “Warrant Share“) at a price of C$0.70 per Warrant Share for a period of twelve months following the satisfaction of the Escrow Release Conditions. All Units under the financing were exchanged for equivalent securities of the Company in connection with the terms of the Transaction.
As part of the Transaction, common share purchase warrants, stock options, convertible debentures of Inolife were replaced with similar securities of the Company with adjustments to their exercise or conversion terms to reflect the exchange ratio for the Inolife common shares under the Transaction.
Following the completion of the Transaction, the Company currently has a total of 86,014,961 common shares outstanding, as well as: (i) common share purchase warrants exercisable to purchase up to 14,705,602 common shares at exercise prices ranging from $0.30 to $$0.90; (ii) stock options exercisable to purchase 700,000 common shares at exercise prices ranging from $0.20 to $0.90; and (iii) EUR6,235,000 principal amount of convertible debentures convertible into common shares of the Company at a price of CAD $2.85 per common share.
An aggregate of 29,576,340 common shares are subject to escrow pursuant to Exchange escrow requirements.
As a result of the closing of the Transaction, the directors and executive officers of the Company are now:
| Michael Wright | President, Chief Executive Officer and Director |
| Veronique Laberge | Chief Financial Officer |
| Nicky Canton | Chief Operating Officer |
| Derek Lindsay | Director |
| Karen Dunlap | Director |
| John Leombruno | Director |
| William Cleman | Director |
| Michael Wekerle | Director |
Further details about the Transaction and the Company as the resulting issuer from the Transaction are available in the final prospectus of Buz filed in respect of the Transaction which has been filed under Buz’s profile on SEDAR at www.sedar.com. The summary of the Transaction set out herein is qualified in its entirety by reference to the description of the Transaction in the prospectus.
Forward-Looking Information
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company’s common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Michael Wright
President and CEO
NuGen Medical Devices Inc.
[email protected]
(514) 992-9484
Veronique Laberge
CFO
NuGen Medical Devices Inc.
[email protected]
(514) 831-8626
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100271
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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