/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.
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", "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
View original content: http://www.newswire.ca/en/releases/archive/June2018/08/c1071.html