TORONTO, Dec. 30, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) announces, further to its press releases of November 13, December 5, December 12, December 16 and December 19, 2013 the extension of the term of certain related warrants (the "Related Warrants") in connection with a conversion of certain outstanding convertible debentures of the Company (the "Convertible Debentures").
Convertible Debentures holders who (i) held Convertible Debentures with a maturity date of November 12, 2015; (ii) elected to convert all of their Convertible Debentures as at December 18, 2013; and (iii) hold warrants the Related Warrants, which were issued at the time their Convertible Debentures were issued, will have the term of their Related Warrants extended by a period of 18 months. Consequently, 1,890,812 Related Warrants dated November 10, 2010, exercisable into 330,891 Common Shares, having an exercise price of $1.44 and expiring on June 1, 2015, are extended to December 1, 2016. No Related Warrants are held by insiders of GeneNews. The effective date of the extension to the term of the Related Warrants will be 10 business days after the date of this press release.
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 market reaction to the extension of Related Warrants. 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.