TORONTO, Dec. 16, 2013 (GLOBE NEWSWIRE) -- Further to its press releases of November 13, December 5, and December 12, 2013, GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) announces that, at a special meeting of the Company's shareholders held today, approval of the shareholders was obtained for the issuance of common shares of the Company ("Common Shares") to holders of the outstanding convertible debentures of the Company (the "Convertible Debentures") in connection with a one-time conversion opportunity (the "Conversion Opportunity"). Holders of Convertible Debentures may convert the principal amount of their Convertible Debentures, together with accrued and unpaid interest thereon, into 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.
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 in respect of market reaction to the Conversion Opportunity or TSX approval. 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. Subject to applicable law, the Company disclaims any obligation to update these forward-looking statements.