GeneNews raises more than $2 million in non-brokered private placement
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The securities issued pursuant to the private placement are subject to the Canadian resale rules which include a four-month restricted period before the common shares may become freely-tradeable within
Holders of a majority of the Company's shares (excluding those shares held, directed or controlled by the deemed insider investment fund that participated in the private placement and its affiliates) provided their written consent for this private placement transaction. This offering provided the holders of the Company's convertible debentures with an opportunity to convert their debenture holdings into common shares of the Company. No holders of convertible debentures elected to convert their debentures pursuant to this conversion opportunity.
About GeneNews --------------
GeneNews is an emerging molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease-specific biomarkers. The Company has been granted a U.S. patent for its core platform technology, the Sentinel Principle(R), which has the power to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews is currently applying the Sentinel Principle(R) in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews launched its first commercial product, ColonSentry(TM), a blood-based test to assess an individual's risk for colorectal cancer, in
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.
%SEDAR: 00009903EFor further information: Gailina Liew, Chief Operating Officer, (905) 739-2036, firstname.lastname@example.org; Casey Gurfinkel, (416) 815-0700 x 283, email@example.com