TORONTO, Dec. 18, 2012 /CNW/ - Mr. Rory Riggs of 110 East 59th Street,
33rd Floor, Suite 3302, New York, NY, 10022, USA, chairman of the board
of directors of GeneNews Limited (TSX: GEN) ("GeneNews") announces that on December 14, 2012, Mr. Riggs completed a
subscription for 4,139,400 common shares ("Common Shares") of GeneNews, at a price per Common Share of $0.09 through a
previously announced private placement (the "Private Placement") by GeneNews.
As a result of his purchase, Mr. Riggs currently owns or exercises
control over 21,895,148 Common Shares as well as 581,500 options to purchase Common Shares (the "Options") and 3,813,956 Common Share purchase warrants (which are exercisable into 4,004,654
Common Shares) (the "Warrants"). Prior to the Private Placement, Mr. Riggs owned or exercised
control over 17,755,748 Common Shares, 581,500 Options and 3,813,956 Warrants.
GeneNews currently has 202,469,270 Common Shares issued and
outstanding. If the Options and Warrants owned by Mr. Riggs were
exercised and converted into Common Shares, Mr. Riggs's shareholdings
would represent approximately 26,481,302 or 13% of the currently issued
and outstanding Common Shares.
Mr. Riggs acquired beneficial ownership, and control or direction,
directly or indirectly, of the Common Shares that are the subject of
this press release for investment purposes. Mr. Riggs will review his
holdings from time to time and he may increase or decrease his position
as future circumstances may dictate. Mr. Riggs currently has no present
plans to increase or decrease his holdings of securities of GeneNews.
SOURCE: Mr. Rory Riggs