NEW YORK (GenomeWeb News) – GeneNews today said that it expects to raise gross proceeds of C$7.7 million (US$7.8 million) through a private placement of its common shares.

The Toronto-based molecular diagnostics developer said that it has accepted subscriptions for a non-brokered private placement of its shares. The firm said that the offering will result in the issuance of around 86.3 million common shares from treasury at a price of C$.09 per share.

GeneNews noted that the size of offering was increased from an initial C$6 million target "due to strong demand."

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