Toronto, Ontario--(Newsfile Corp. - August 12, 2013) - Gemoscan Canada, Inc. ("Gemoscan" or the "Company") - (TSXV: GES), (MUN: 1GE) is pleased to announce that the TSX Venture Exchange ("TSXV") has consented to its application to extend the maturity date of certain of its convertible debentures and the expiry date of certain of its warrants.
On August 20, 2012, Gemoscan completed closing a convertible debenture financing with total proceeds of $142,000 (the "Convertible Debentures"). The Convertible Debentures originally had a term of one (1) year and pay interest at the rate of 8% per annum. The Convertible Debentures are unsecured and are convertible into shares of the Corporation at the rate of one Class A share for each $0.27 converted. In addition, purchasers received one-half of a share purchase warrant for each $0.27 in debenture acquired. Each whole warrant entitled the holder to acquire a Class A share at a price of $0.27 per share until August 20, 2013 (the "Warrants").
The TSXV has consented to the Company extending the maturity date of the Convertible Debentures by an additional one (1) year period to August 20, 2014 and to extending the expiry date of the Warrants by an additional one (1) year period to August 20, 2014. All other terms and conditions of the Convertible Debentures and the Warrants will remain unchanged.
For further information on the original issuance of the Convertible Debentures and Warrants, please refer to the press releases of Gemoscan dated August 3, 2012 and August 20, 2012 and filed on SEDAR at www.sedar.com.
ABOUT GEMOSCAN CANADA, INC.
Gemoscan is an industry leader in food intolerance management and maintains a first-to-market position with Canada wide distribution through select retail partners. Founded in 2003, using its proprietary patented technology; Gemoscan develops, owns and markets comprehensive food sensitivity and dietary management solutions for consumers, including the HEMOCODETM Food Intolerance System, a personalized naturopathic nutritional program that promotes well-being. Gemoscan is the first and only provider to commercialize a food intolerance management solution directly to consumers in partnership with retailers, and today offers the most comprehensive services available.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol GES and is quoted on the Munich, Frankfurt and Stuttgart Stock Exchanges under the symbol 1GE.
Forward-Looking Information
This news release contains certain "forward-looking information". All statements, other than statements of historical fact that address activities, events or developments that Gemoscan believes, expects or anticipates will or may occur in the future. These forward-looking statements reflect the current expectations or beliefs of Gemoscan based on information currently available to Gemoscan. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Gemoscan to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Gemoscan. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Gemoscan disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Gemoscan believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR ADDITIONAL INFORMATION CONTACT:
Gemoscan Canada, Inc.
Brian Kalish
Director, President and CEO
(416) 650-1200
Email: bkalish@hemocode.com
Company website: www.gemoscan.com
