TORONTO, Aug. 19, 2015 /CNW/ - Mr. Rory Riggs, a director of GeneNews Limited (TSX: GEN) ("GeneNews"), announces that on August 19, 2015, he completed a subscription for 1,562,500 units ("Units") of GeneNews, at a price per Unit of $0.32 through a previously announced private placement (the "Private Placement") by GeneNews. Each unit consists of one common share ("Common Shares") and one warrant ("Warrants"). Each Warrant entitles the holder to purchase one Common Share for $0.50 on or before September 15, 2017.
As a result of his purchase, Mr. Riggs currently owns or exercises control over 5,211,691 Common Shares as well as 300,002 options to purchase Common Shares (the "Options") and 1,562,500 Warrants (which are exercisable into 1,562,500 Common Shares). Prior to the Private Placement, Mr. Riggs owned or exercised control over 3,649,191 Common Shares, 300,002 Options and 0 Warrants.
GeneNews currently has 55,605,694 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 12.31% 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 Rory Riggs
For further information: Rory Riggs, 110 East 59th Street, 33rd Floor, Suite 3302, New York, NY, 10022, USA