TORONTO, Jan. 3, 2017 /CNW/ - Mr. Rory Riggs, a director of GeneNews Limited (TSX:GEN) ("GeneNews"), announces that, pursuant to open market trades made by him through the facilities of the TSX on December 29 and 30, 2016, he has reduced his ownership in GeneNews by 2,500,000 common shares ("Common Shares").
As a result of his sales, Mr. Riggs currently owns or exercises control over 5,211,691 Common Shares, as well as 325,000 options to purchase Common Shares (the "Options") and 2,187,500 Warrants (which are exercisable into 2,187,500 Common Shares). In addition, Mr. Riggs holds USD 244,656 in Demand Notes issued by GeneNews in December 2015, June 2016 and July 2016.
GeneNews currently has 81,655,229 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 9.5% of the currently issued and outstanding Common Shares.
Mr. Riggs sold the Common Shares that are the subject of this press release as part of his year-end investment management. 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 Rory Riggs
For further information: Rory Riggs, 110 East 59th Street, 33rd Floor, New York, NY, 10022, USA