BRIEF-Genenews ltd - executed a term sheet with Alumina Partners Llc

Thu Apr 7, 2016 8:09am EDT
 
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April 7 (Reuters) - Genenews Ltd

* Genenews limited provides financing update

* Executed a term sheet with Alumina Partners Llc, an arms' length party

* Will draw down on US$10 million in structured, unsecured convertible notes in installments over a 24 month period

* Applied to TSX for a "financial hardship" exemption from requirement to obtain shareholder approval for an offering

* Offering may result in a new control person of company Source text for Eikon: Further company coverage: