NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, July 8, 2014 (GLOBE NEWSWIRE) -- GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN), today announced that it has accepted subscriptions for a non-brokered private placement offering of its common shares for gross proceeds of $7,210,000. The private placement was previously announced on July 2, 2014. The offering will result in the issuance of 7 million common shares from treasury at a price of $1.03 per share.
"We are very pleased with the strong level of support from both new and existing investors," commented GeneNews' Executive Chairman, James R. Howard-Tripp. "This financing has provided us with necessary resources to continue helping build Innovative Diagnostics Laboratory LLP ("IDL") as a leader in molecular diagnostics and personalized medicine, serving as a strong commercialization outlet for advanced cancer tests such as ColonSentry®, EarlyCDT® Lung and PHI."
The securities issued pursuant to the private placement are subject to the Canadian resale rules which include a four-month restricted period before the common shares may become freely-tradeable within Canada.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
About GeneNews
GeneNews is a company focused on developing and commercializing proprietary molecular diagnostic tests for the early detection of diseases and personalized health management, with a primary focus on cancer-related indications. GeneNews' first product, ColonSentry®, is the world's first blood test to assess an individual's current risk for colorectal cancer. 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.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events, including with respect to the Company's ability to use the proceeds from the private placement as anticipated. The forward-looking statements involve risks and uncertainties including market reaction to the Company's use of capital or the need for additional capital by the Company through financings in order to continue its operations. Actual events could differ materially from those projected herein including as a result of a change in securities laws or economic conditions. Investors should consult the Company's ongoing quarterly filings, annual information form 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. Subject to applicable law, the Company disclaims any obligation to update these forward-looking statements.
CONTACT: Company Contact:
James R. Howard-Tripp
Executive Chairman
Office: (905) 209-2030
jhoward-tripp@genenews.com
Investor & Media Contact:
Stephen Kilmer
Kilmer Lucas Inc.
Office: (212) 618-6347
Mobile: (905) 906-6908
stephen@kilmerlucas.com
