GeneNews to Hold Shareholder Meeting
TORONTO, Jan. 16, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today announced an extension to the term of certain share purchase warrants (the "Warrants"), subject to the approval of a majority of disinterested shareholders at a special meeting (including any adjournments or postponements thereof, the "Meeting") to be held at the offices of Fasken Martineau DuMoulin LLP at 333 Bay Street, Suite 2400, Bay Adelaide Centre, Toronto, ON M5H 2T6, Canada on Friday, February 22, 2013, at 10:00 a.m. (Eastern time). The expiry date of the Warrants would be extended as follows:
2,978,065 Warrants amended and restated on January 16, 2012, exercisable into 521,161 Common Shares, having an exercise price of $1.44 per Common Share and expiring February 1, 2013 (the "2012 Warrants") would be extended to February 1, 2015 effective January 31, 2013;
12,752,208 Warrants dated June 8, 2011, exercisable into 2,231,636 Common Shares, having an exercise price of $1.44 per Common Share and expiring February 1, 2013 (together with the 2012 Warrants, the "February Warrants") would be extended to February 1, 2015 effective January 31, 2013; and
- 4,250,903 Warrants dated November 12, 2010, exercisable into 743,908 Common Shares, having an exercise price of $1.44 per Common Share and expiring on June 1, 2013 (the "June Warrants") would be extended to June 1, 2015 effective the date of the Meeting.
All other provisions of the Warrants will remain the same. Full exercise of the Warrants would result in 3,496,705 Common Shares to be issued, representing 10.4% of the Corporation's currently issued and outstanding 33,744,883 Common Shares. Insiders of GeneNews hold an aggregate of 8,648,872 Warrants, which represent 43.3% of the 19,981,176 Warrants being amended. Of the Warrants held by insiders of GeneNews, Rory Riggs (Director and Chair of the Board of GeneNews) holds 3,813,956 Warrants and AWM Investment Company, Inc. (employer of David Sable, who is a Director of GeneNews) holds 4,834,916 Warrants.
Between February 1, 2013 and the date of the Meeting, no February Warrants may be exercised. If the requisite shareholder approval is not received, the February Warrants will terminate as at the date of the Meeting and the June Warrants will terminate on June 1, 2013.
GeneNews is a molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease specific biomarkers. The Company has a patented core platform technology, the Sentinel Principle®, which has the power to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews is currently applying the Sentinel Principle® in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews' lead product, ColonSentry™, is the world's first blood test to pre-screen and assess an individual's current risk for colorectal cancer. For more information on GeneNews and ColonSentry™, go to www.GeneNews.com or www.ColonSentry.com.
This press release contains forward-looking statements, which reflect GeneNews' current expectations regarding the future extension of the warrants of GeneNews. The forward-looking statements involve risks and uncertainties, including the result of the disinterested shareholder vote to extend the Warrants. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings, annual information form and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Company disclaims any obligation to update these forward-looking statements.