GeneNews (GEN.TO) Announces Shareholder Approval Of Conversion Opportunity For Debentureholders
12/16/2013 2:40:26 PM
TORONTO, Dec. 16, 2013 (GLOBE NEWSWIRE) -- Further to its press releases of November 13, December 5, and December 12, 2013, GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) announces that, at a special meeting of the Company's shareholders held today, approval of the shareholders was obtained for the issuance of common shares of the Company ("Common Shares") to holders of the outstanding convertible debentures of the Company (the "Convertible Debentures") in connection with a one-time conversion opportunity (the "Conversion Opportunity"). Holders of Convertible Debentures may convert the principal amount of their Convertible Debentures, together with accrued and unpaid interest thereon, into 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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