RE:RE:"Chance Favours the Prepared Mind"
GeneNews arranges $5-million private placement
2016-03-14 14:46 ET - News Release
Mr. James Howard-Tripp reports
GENENEWS LIMITED ANNOUNCES PRIVATE PLACEMENT FINANCING OF UP TO $5 MILLION
GeneNews Ltd. is undertaking a non-brokered private placement of up to 50 million common shares of the company at a price of 10 cents per share. Any remaining unfinanced portion of the offering may be raised with the issuance of a senior secured, collateralized convertible debenture. If needed, this convertible debenture would be issued with a term of one year from date of issue, interest accrued and payable at 15 per cent, and with a conversion price of 16 cents per common share. The conversion would become mandatory if the common shares trade above 16 cents for 30 consecutive trading days. In connection with the offering, GeneNews has applied to the Toronto Stock Exchange for exemption under Section 604(e) of the TSX company manual for a financial hardship exemption, as detailed below.