TORONTO, July 14, 2017 /CNW/ - GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) announces that it will extend the deadline for participating in its previously announced warrant exercise incentive program (the "Program") from July 14, 2017 until August 31, 2017. The Incentive Program is intended to encourage the early exercise of up to 12,466,238 outstanding and unlisted warrants (the "Warrants").
The deadline for the Program is being extended to allow additional holders of the Warrants, including insiders of the Company, to complete the required paperwork to participate in the Program.
As of July 14, 2017, GeneNews has received the requisite documents for the early exercise of 430,937 Warrants, which are expected to result in the Company receiving gross proceeds of approximately C$103,715. Of these exercised Warrants, 156,250 have been exercised by GeneNews' Chairman and CEO, James R Howard-Tripp.
At its annual and special meeting of shareholders held on June 29, 2017, GeneNews sought and received disinterested shareholder approval to amend the terms of the Warrants held directly or indirectly by insiders of the Company to allow for said Warrants to be included in the Program.
Any Warrants that are not exercised prior to August 31, 2017 at 4:30 p.m. EST will remain outstanding and continue to be exercisable for the common shares of the Company on their current terms. The terms and conditions of the Incentive Program, including the method of exercising Warrants, have been set forth in a letter which has been delivered to the registered address of each eligible Warrant holder.
"It makes sense to us to extend the early exercise period to allow for greater participation by additional shareholders. We are therefore doing so. We remain on track to complete the initial draw of US$3 million under the Milost MESA in the coming weeks," said James R. Howard-Tripp, Chairman and CEO of GeneNews. "That financing, combined with the additional capital that the early exercise of Warrants will provide, will leave us in a strong position to continue building out the IDL business via expanded marketing programs."
GeneNews, an innovator in the liquid biopsy space, is committed to becoming a leader in advanced diagnostics and personalized medicine, serving as a strong commercialization outlet for early detection of cancer and other chronic diseases. Our mission is to identify, assess and make commercially available a comprehensive menu of diagnostics that provide physicians and patients with personalized clinical intelligence and actionable information to improve health outcomes through the early diagnosis of disease. Our Richmond, Virginia-based Innovative Diagnostic Laboratory clinical reference lab specializes in traditional and advanced clinical evidence-based blood testing that helps find, understand, and address cancer risk in patient populations. Currently, IDL offers risk assessment blood tests for four prevalent cancer types - colon, lung, prostate and breast. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews and IDL can be found at www.GeneNews.com and www.myinnovativelab.com, respectively.
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Corporation's actual events to differ materially from those projected herein including with respect to the participation in the Program by Warrantholders. Investors should consult the Corporation'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 Corporation disclaims any obligation to update these forward-looking statements, except as required by law.
SOURCE GeneNews Limited
For further information: Company Contact: James R. Howard-Tripp, Chairman & CEO, Office: (905) 209-2030, [email protected]; Investor & Media Contact: Stephen Kilmer, Office: (647) 872-4849, [email protected]