GeneNews Raises $1.26 Million in Non-Brokered Private Placement


NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

TORONTO, Aug. 19, 2015 (GLOBE NEWSWIRE) -- GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN), today announced that it has accepted subscriptions for a non-brokered private placement offering of 3,956,249 units ("Units") at a price of $0.32 per Unit for aggregate gross proceeds to the Company of $1,265,996.48 CAD. Each Unit is comprised of one common share ("Common Share") and one warrant ("Warrant"). Each Warrant is exercisable until September 15, 2017 and entitles the holder to purchase one Common Share at an exercise price of $0.50, subject to customary adjustment provisions.

The securities issued pursuant to the private placement are subject to the Canadian resale rules which include a four-month restricted period before the Common Shares and the Warrants may become freely-tradeable within Canada.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares or the Warrants, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Common Shares and the Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.

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. In 2013, GeneNews created a U.S. joint venture, Innovative Diagnostic Laboratory, LLP ("IDL") that it is committed to help become a leader in molecular diagnostics and personalized medicine, serving as a strong commercialization outlet for advanced cancer tests. Taking a multi-view approach to the diagnosis and treatment of cancer, IDL is working to assemble, through a combination of internal pipeline development, third-party licenses and potential acquisitions, a robust menu of novel, proprietary tests to be offered by it throughout the United States. 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, which reflect the Company's current expectations regarding future events, including with respect to the Company's ability to use the proceeds from the private placement as anticipated. The forward-looking statements involve risks and uncertainties including market reaction to the Company's use of capital or the need for additional capital by the Company through financings in order to continue its operations. Actual events could differ materially from those projected herein including as a result of a change in securities laws or economic conditions. 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.


            

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