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GeneNews Raises Additional $574K in Debt Placement

NEW YORK (GenomeWeb News) – Toronto-based GeneNews has raised C$718,783 (US$574,000) through the second tranche of a private placement of debentures.

The firm said that it has accepted subscriptions for five-year, 15 percent redeemable convertible secured debentures. The 15 percent annual interest will be paid upon the earlier of maturity, conversion, or redemption of the debentures.

Each purchaser of a debenture will also receive one warrant for every C$.25 of principal amount of their debenture. Each of those warrants is exercisable into GeneNews common shares for a period of 36 months following the date of issuance at a price of C$.25 per common share.

GeneNews said that it would use proceeds from the debt placement for general working purposes, the continued marketing of its ColonSentry test in Canada, and the pre-launch preparation for the commercial launch of the test in the US and Asia.

The firm announced at the end of December that its board had authorized the sale of up to C$3.45 million of debentures. In the first tranche of the debt offering, GeneNews brought in C$1.1 million (US$900,000).

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