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