MARKHAM, Ontario--(BUSINESS WIRE)--
Teleflex Medical Canada Inc. (“Teleflex Canada”), a wholly owned indirect subsidiary of Teleflex Incorporated (TFX), today announced the completion of the acquisition of Pyng Medical Corp. (“Pyng”), a corporation with a head office located at 210 – 13480 Crestwood Place, Richmond, British Columbia, by way of plan of arrangement (the “Arrangement”) under Division 5 of Part 9 of the Business Corporations Act (British Columbia). Under the terms of the transaction, Teleflex Canada acquired 100 percent of the common shares of Pyng, whose shareholders received US$0.30203 (CAD$0.40200, based on an exchange rate of CAD$1.3310 per USD$1.00 as of March 31, 2017) in cash per common share. Pyng is now wholly owned by Teleflex Canada.
Pursuant to the Arrangement, all previously outstanding stock options and warrants were deemed exercised for that number of common shares equal to the “in-the-money amount” of such stock options and warrants in accordance with their terms and all previously outstanding convertible debentures were deemed converted into common shares in accordance with their terms.
With the completion of the acquisition, the common shares of Pyng will be de-listed from the TSX Venture Exchange and Pyng will cease to be a reporting issuer.