/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, June 8, 2018 /CNW/ - GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today announced it has closed on the first funding amount of CDN$2 million under the First Tranche of the previously announced Convertible Security Funding Agreement (the "Agreement") with Lind Asset Management XI, LLC, for up to CDN$7.5 million in convertible securities.
As disclosed on June 1, under the terms of the Agreement the Company has issued the first convertible security and warrants.
The Agreement and the issuance of securities thereunder has been conditionally approved by the TSX and is subject to satisfaction of customary closing conditions. In addition, the issuance of more than 6,048,902 common shares under the Agreement or Warrants is subject to the approval of the shareholders of the Company. The Corporation will seek approval to issue up to an additional 40,000,000 common shares to Lind under the Agreement at its upcoming shareholder meeting. Any additional issuances of common shares under the Agreement will be subject to shareholder approval.
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", "may" and similar expressions, which reflect the Company's current expectations regarding future events, including with respect to future advances under the Agreement, the receipt of shareholder approval, the conversion or buy-back of convertible securities and the Company's status as a foreign private issuer. The forward-looking statements involve risks and uncertainties that could cause actual events to differ materially from those projected herein including the state of the equity capital markets, the receipt of required approvals, the future financial and operating performance of the Company and its subsidiaries, requirements for and availability of additional capital and the general business and political environment including in the healthcare sector. Investors should consult the Company'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 Company 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, [email protected]