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GeneNews completes US$3.25 million non-brokered private placement

Fasken
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Client

GeneNews Limited

On February 11, 2009, GeneNews Limited (TSX: GEN) completed the third tranche of a non-brokered private placement offering of five-year 15% redeemable convertible secured debentures in the aggregate principal amount of $3,252,342.88. In consideration for purchasing a debenture, each purchaser of a debenture received one warrant for every $0.25 of principal amount of their debenture. Each warrant is exercisable into one common share of GeneNews for a period of 36 months at an exercise price of $0.25. In the aggregate, 13,009,370 warrants were issued to the purchasers under the private placement. GeneNews is a molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized therapeutic intervention based on disease-specific biomarkers. GeneNews was advised in this transaction by a team from Fasken Martineau that included Geoff Clarke and Brad Freelan (corporate/securities).

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