NEW YORK (GenomeWeb) – Canadian molecular diagnostics firm GeneNews announced today that it intends to sell up to C$5 million ($3.8 million) in common stock through an unbrokered private placement.

The company plans to sell up to 50 million shares at C$.10 apiece. Any remaining unfunded portion of the offering may be raised with the issuance of a senior secured, collateralized convertible debenture, which will be issued with a one-year term and payable at 15 percent with a conversion price of C$.16 per share.

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