NEW YORK (GenomeWeb News) – Toronto-based GeneNews said that it has issued five-year, 15 percent redeemable convertible secured debentures in the aggregate principal amount of C$1.1 million (US$900,000).
 
The issuance represents the initial closing of a private placement offering of debentures, under which the firm’s board of directors has authorized the sale of up to C$3.45 million in debentures. The 15 percent annual interest will be paid upon the earlier of maturity, conversion, or redemption of the debentures.
 

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