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GeneNews Closes C$1.6M Private Placement

NEW YORK (GenomeWeb) – GeneNews announced today that it has closed a C$1.6 million ($1.2 million) private placement of stock and warrants.

The placement consisted of about 9.8 million units comprising one common share and one quarter of a warrant for the purchase of one share. A full warrant entitles the holder to buy a share of GeneNews at C$.50 by Aug. 15, 2018.

About 5.1 million of the units were sold to new investors, with 2.5 million units used to retire approximately C$400,000 in debt owed to a major shareholder and company director, GeneNews said. Additionally, 600,000 units were provided in lieu of a C$100,000 cash payment for services rendered by a company director.

GeneNews said it plans to use the proceeds of the private placement — which comes about three month after the firm secured a C$5 million capital commitment from Global Emerging Markets Global Yield Fund — for product commercialization, working capital, and general corporate purposes.

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