NEW YORK (GenomeWeb News) – Canadian molecular diagnostics firm GeneNews has proposed a private placement of its common shares that would bring in proceeds of C$2 million (US$1.9 million).

The firm is planning to place 4,444,444 common shares at a price of $.45 per share. It said that an unidentified labor-sponsored investment fund will subscribe for half of those shares at a total price of C$1 million, with the remainder of the shares being purchased by "arm's length parties."

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