TORONTO, Dec. 12, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) announced today that, further to its press releases of November 13 and December 5, 2013, holders of outstanding convertible debentures of the Company (the "Convertible Debentures") may convert the principal amount of their Convertible Debentures (the "Conversion Opportunity"), together with accrued and unpaid interest thereon, into common shares of the Company ("Common Shares") as of December 18, 2013, at a price per Common Share of $0.47, which is equal to 90% of the five (5) day volume weighted average price of the Common Shares on the Toronto Stock Exchange (the "TSX") for the period ending on December 11, 2013. If all of the outstanding Convertible Debentures participate in the Conversion Opportunity, a total of 11,696,861 Common Shares will be issued, which represents a dilution of 35% of the 33,744,883 currently issued and outstanding Common Shares.
The Conversion Opportunity and extension of Related Warrants (as described in the press release of November 13, 2013) remain subject to TSX approval. Approval is subject to the Company fulfilling all requirements of the TSX, including obtaining the requisite approval of the shareholders of the Company. Shareholders will consider this matter at a special meeting of shareholders to be held at 10:00 am EST on December 16, 2013, at Fasken Martineau DuMoulin LLP, 333 Bay Street, Toronto, Ontario. A notice of meeting and information circular has been mailed to registered shareholders and non-objecting beneficial owners of GeneNews.
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 ColonSentry®, can be found at www.GeneNews.com or www.ColonSentry.com.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein including as a result of the shareholders of the Company not approving the issuance of Common Shares in connection with the Conversion Opportunity; or a change in the trading price of the Common Shares. 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.