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GeneNews Closes $10M Financing Agreement

NEW YORK (GenomeWeb) – Canadian diagnostic developer GeneNews said today that it has closed a previously announced $10 million financing deal with private equity firm Milost Global.

In June, GeneNews announced that it had signed an equity and debt subscription agreement with Milost. According to GeneNews, the deal includes up to $4 million in its common shares to be drawn down at its option — in maximum installments of $1 million — and up to $6 million in unsecured convertible notes in tranches not to exceed $3 million.

GeneNews said today that it will make an initial draw down of $500,000, to be completed immediately. The common share purchase will be priced at a 50 percent premium to the 20-day volume weighted average price of GeneNews' common shares on the Toronto Stock Exchange on the date of the draw-down notice, the firm added.

GeneNews also said that this first tranche is designed to "to fuel the company's momentum while minimizing dilution," and will be followed up with additional tranches as needed.

In August, GeneNews reported cash and cash equivalents totaling $61,154 at the end of the second quarter.

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