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GeneNews Ltd Announces Proposed Non-Brokered Private Placement


Friday, 7 Dec 2012 08:19pm EST 

GeneNews Ltd announced that it is proposing to complete a private placement (the Private Placement) of up to 66,666,666 common shares from treasury at a price of $0.09 per share for total gross proceeds to the Company of up to $6,000,000. GeneNews will use the proceeds to accelerate commercialization of the ColonSentry test in the United States, development and validation of pipeline products, and general working capital purposes. Subsequent to the closing of the Private Placement, the board of directors intends to implement the six for one (6:1) consolidation of its common shares (the Share Consolidation) previously approved by the shareholders of GeneNews on April 26, 2012. It is also the Company's intention to implement the listing of its common shares on the OTCQX International in the first quarter of 2013, subject to U.S. regulatory approval. The closing of the Private Placement is anticipated to occur on or about December 14, 2012 or as soon as is practicable after that date. It is intended that the Share Consolidation will occur on or about December 18, 2012 and that the Company's common shares will commence trading on the Toronto Stock Exchange (the TSX) on a consolidated basis on or about December 20, 2012. 

Company Quote

1.27
-0.02 -1.55%
3:39pm EDT