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Genetic Technologies Raising Additional $717K in Private Placement; Increases Level of Underwriting on Share Purchase Plan

NEW YORK (GenomeWeb News) – Genetic Technologies today said that it has received additional commitments for a private placement to raise A$800,000 (US$717,452), and increased the level of underwriting on its current share purchase plan to A$1.8 million.

The placement of the new shares is part of the Melbourne, Australia-based firm's capital management program announced earlier this month. As part of that program, GTG sought to raise $A2.2 million through the placement of 30.5 million new shares of its stock with institutional and "sophisticated" investors at A$.72 per share.

As a result of the commitments announced today, the total amount to be raised will increase to A$3.0 million. The new shares are being offered also at A$.72 per share.

Also, GTG increased the level of underwriting on the share purchase program to A$1.8 million from A$400,000. The company plans on raising up to A$3.0 million under the program, which opened on Aug. 23 and closes on Sept. 26, it said.

Lodge Corporate is the lead manager on the private placement and the share purchase program. Lodge Corporate and Cygnet Capital are underwriters for the share purchase program.