NEW YORK (GenomeWeb) – GeneNews has announced a C$5 million ($3.9 million) capital commitment agreement with Global Emerging Markets (GEM) Global Yield Fund.

Under the terms of the agreement, GeneNews has the right, but no obligation, to draw funds for a term of three years. Common shares will be issued to GEM at a price per share equal to either the floor price set by GeneNews or a 10 percent discount to the market price of common shares based on the immediately preceding five-day volume-weighted average price, whichever is higher.

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