TORONTO, Jan. 16, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today announced an extension to the term of certain share purchase warrants (the "Warrants"), subject to the approval of a majority of disinterested shareholders at a special meeting (including any adjournments or postponements thereof, the "Meeting") to be held at the offices of Fasken Martineau DuMoulin LLP at 333 Bay Street, Suite 2400, Bay Adelaide Centre, Toronto, ON M5H 2T6, Canada on Friday, February 22, 2013, at 10:00 a.m. (Eastern time). The expiry date of the Warrants would be extended as follows:
- 2,978,065 Warrants amended and restated on January 16, 2012, exercisable into 521,161 Common Shares, having an exercise price of $1.44 per Common Share and expiring February 1, 2013 (the "2012 Warrants") would be extended to February 1, 2015 effective January 31, 2013;
- 12,752,208 Warrants dated June 8, 2011, exercisable into 2,231,636 Common Shares, having an exercise price of $1.44 per Common Share and expiring February 1, 2013 (together with the 2012 Warrants, the "February Warrants") would be extended to February 1, 2015 effective January 31, 2013; and
- 4,250,903 Warrants dated November 12, 2010, exercisable into 743,908 Common Shares, having an exercise price of $1.44 per Common Share and expiring on June 1, 2013 (the "June Warrants") would be extended to June 1, 2015 effective the date of the Meeting.
All other provisions of the Warrants will remain the same. Full exercise of the Warrants would result in 3,496,705 Common Shares to be issued, representing 10.4% of the Corporation's currently issued and outstanding 33,744,883 Common Shares. Insiders of GeneNews hold an aggregate of 8,648,872 Warrants, which represent 43.3% of the 19,981,176 Warrants being amended. Of the Warrants held by insiders of GeneNews, Rory Riggs (Director and Chair of the Board of GeneNews) holds 3,813,956 Warrants and AWM Investment Company, Inc. (employer of David Sable, who is a Director of GeneNews) holds 4,834,916 Warrants.