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GeneNews to Receive C$1.4M from Exercise of Warrants

NEW YORK (GenomeWeb) – GeneNews today said that it will receive total proceeds of roughly C$1.4 million (US$1.1 million) from the exercise of warrants.

The Canadian molecular diagnostics firm said that 5,736,916 share purchase warrants, exercisable into around 1 million shares of common stock have been exercised. The exercise price was C$1.44.

GeneNews didn't disclose its intended use for the proceeds.

The firm now has 52,009,445 common shares, 4,250,903 share purchase warrants (exercisable into 743,903 common shares), and 5,310,841 options to purchase common shares outstanding, it said.