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GeneNews Ltd (2)
Symbol GEN
Shares Issued 178,261,234
Close 2019-04-18 C$ 0.13
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GeneNews to receive $750,000 in financing from Lind

2019-04-22 08:41 ET - News Release

Mr. James Howard-Tripp reports


Lind Asset Management XI LLC has increased its financing under the first convertible security of the convertible security financing agreement dated May 31, 2018, between GeneNews Ltd. and Lind by $750,000. The agreement was first announced on June 1, 2018.

"This is the second time Lind has agreed to provide additional funding for us," said James R. Howard-Tripp, chairman and chief executive officer of GeneNews. "It is not only good to have their strong support of our objectives but it is also an effective way for us to finance. For reference, our share price was approximately four cents at the time of our January financing with Lind, and the last two conversions were priced at 12.89 cents and 13.57 cents."

Under the terms of the agreement, Lind has advanced an additional $750,000, less a closing fee of $37,500, in consideration for the increase in the first convertible security in the amount of $900,000. The term of the agreement remains at the original 30 months. GeneNews and Lind have also agreed to increase the potential monthly conversion amount under the agreement from $120,000 to $190,000.

In addition, the company will issue 2,552,756 warrants to Lind in respect of the additional financing with an exercise price of 19.09 cents, which is 130 per cent of the five-day volume-weighted average price at April 10, 2019, and exercisable for 36 months. The number of warrants issued in connection with the additional financing is equal to 50 per cent of the $750,000 advanced by Lind divided by the VWAP of the common shares of the company on the Toronto Stock Exchange for the five trading days immediately preceding the closing date.

The company's obligations under the agreement are secured by all of the company's present and after-acquired property other than intellectual property, including a pledge of its equity interests in its subsidiaries.

The increase in financing under the first convertible security and the issuance of securities thereunder have been conditionally approved by the TSX and are subject to satisfaction of customary closing conditions. Additionally, this private placement is not registered in the United States and is not an offer or sale.

About GeneNews Ltd.

GeneNews, an innovator in the liquid biopsy space, is committed to becoming a leader in advanced diagnostics and personalized medicine, serving as a strong commercialization outlet for early detection of cancer and other chronic diseases. The company's mission is to identify, assess and make commercially available a comprehensive menu of diagnostics that provide physicians and patients with personalized clinical intelligence and actionable information to improve health outcomes through the early diagnosis of disease.

We seek Safe Harbor.

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