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GeneNews (GEN.TO) Announces Conversion Price Of Conversion Opportunity For Debentureholders


12/12/2013 9:19:20 AM

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TORONTO, Dec. 12, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) announced today that, further to its press releases of November 13 and December 5, 2013, holders of outstanding convertible debentures of the Company (the "Convertible Debentures") may convert the principal amount of their Convertible Debentures (the "Conversion Opportunity"), together with accrued and unpaid interest thereon, into common shares of the Company ("Common Shares") as of December 18, 2013, at a price per Common Share of $0.47, which is equal to 90% of the five (5) day volume weighted average price of the Common Shares on the Toronto Stock Exchange (the "TSX") for the period ending on December 11, 2013. If all of the outstanding Convertible Debentures participate in the Conversion Opportunity, a total of 11,696,861 Common Shares will be issued, which represents a dilution of 35% of the 33,744,883 currently issued and outstanding Common Shares.

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