TORONTO, July 14, 2017 /CNW/ - GeneNews
Limited ("GeneNews" or the "Company") (TSX:GEN)
announces that it will extend the deadline for participating in its
previously announced warrant exercise incentive program (the
"Program") from July 14, 2017
until August 31, 2017. The
Incentive Program is intended to encourage the early exercise of up
to 12,466,238 outstanding and unlisted warrants (the
"Warrants").
The deadline for the Program is being extended to allow
additional holders of the Warrants, including insiders of the
Company, to complete the required paperwork to participate in the
Program.
As of July 14, 2017, GeneNews has
received the requisite documents for the early exercise of 430,937
Warrants, which are expected to result in the Company receiving
gross proceeds of approximately C$103,715. Of these exercised Warrants, 156,250
have been exercised by GeneNews' Chairman and CEO, James R
Howard-Tripp.
At its annual and special meeting of shareholders held on
June 29, 2017, GeneNews sought and
received disinterested shareholder approval to amend the terms of
the Warrants held directly or indirectly by insiders of the Company
to allow for said Warrants to be included in the Program.
Any Warrants that are not exercised prior to August 31, 2017 at 4:30
p.m. EST will remain outstanding and continue to be
exercisable for the common shares of the Company on their current
terms. The terms and conditions of the Incentive Program,
including the method of exercising Warrants, have been set forth in
a letter which has been delivered to the registered address of each
eligible Warrant holder.
"It makes sense to us to extend the early exercise period to
allow for greater participation by additional shareholders. We are
therefore doing so. We remain on track to complete the initial draw
of US$3 million under the Milost MESA
in the coming weeks," said James R.
Howard-Tripp, Chairman and CEO of GeneNews. "That financing,
combined with the additional capital that the early exercise of
Warrants will provide, will leave us in a strong position to
continue building out the IDL business via expanded marketing
programs."
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" and similar
expressions, which reflect the Corporation's current expectations
regarding future events. The forward-looking statements involve
risks and uncertainties that could cause the Corporation's actual
events to differ materially from those projected herein including
with respect to the participation in the Program by Warrantholders.
Investors should consult the Corporation'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 Corporation disclaims any obligation to update
these forward-looking statements, except as required by
law.
SOURCE GeneNews Limited