GeneNews (GEN.TO) Limited Announces Conversion of Convertible Debentures Into Common Shares
12/19/2013 9:03:23 AM
TORONTO, Dec. 19, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) announces, further to its press releases of November 13, December 5, December 12 and December 16, 2013, the conversion today of $2,728,942 outstanding convertible debentures of the Company (the "Convertible Debentures") plus accrued interest of $2,046,708 into a total of 10,160,957 common shares of the Company (the "Common Shares"). The holders of the Convertible Debentures converted the principal amount of their Convertible Debentures, together with the accrued and unpaid interest thereon, into Common Shares at a price per Common Share of $0.47, which was equal to 90% of the five (5) day volume weighted average price of the Common Shares on the Toronto Stock Exchange for the period ending on December 11, 2013. The issuance of the Common Shares represents a dilution of 30% of the 33,744,883 previously issued and outstanding Common Shares.
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