GeneNews closes private placement

GeneNews (TSX:GEN) has accepted subscriptions for a non-brokered private placement offering of 9,794,203 units, at a price of 16 cents each, for proceeds of about $1.6-million.

Each unit consists of one common share and one-quarter of a warrant. Each whole warrant entitles the holder to acquire one common share at a price of 50 cents until August 15, 2018.

GeneNews intends to use the net proceeds from the offering for commercialization, working capital and general corporate purposes.