NEW YORK (GenomeWeb) – Canadian diagnostic developer GeneNews said today that it has signed a binding agreement with multinational private equity firm Milost Global for up to $10 million in equity and debt financing.

Under the agreement, Milost will initially purchase up to $3 million in unsecured convertible notes from GeneNews. The notes will be convertible at a price equal to the five-day volume-weighted average price of common shares of GeneNews on the Toronto Stock Exchange on the day of the draw-down notice, plus a 200 percent premium.

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