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GeneNews Raises $2.1M in Private Placements

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – GeneNews today said it has raised C$2.1 million (US$2.1 million) in two concurrent private placements.

One is an offering of units, the other is an offering of its five-year senior 15 percent redeemable convertible secured debentures.

Net proceeds will be used for general working capital and to fund continued marketing of the ColonSentry genetic test for colorectal cancer in Canada. It will also be used to prepare for a launch of the test in the US and Asia, the Toronto-based firm said in a statement.

The company has accepted subscription agreements for gross proceeds totaling $1.2 million on its unit offering. Each unit consists of one common share of the company's common stock, one-half of one Series A warrant, and one-half of one Series B warrant.

Each whole Series A warrant entitles the holder to buy one common share for up to eight months from the closing date at an exercise price of C$.20. Each whole Series B warrant allows the holder to purchase a common share during a period of 24 months from the closing date at an exercise price of C$.25.

The debenture offering raised $945,406. Each purchaser received two Series A warrants and two Series B warrants for every C$1 of principal amount of the debenture. Each Series A warrant entitles the holder to acquire one common share during the eight months from the closing date at an exercise price of C$.20, while each Series B warrant entitles the holder to buy one common share for up to 24 months from the closing date at an exercise price of C$.25.

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