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."
About GeneNews
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.
Forward-Looking Statements
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
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