Genesis Research places 20% of shares
Tue, 10 Jul 2012 11:09a.m.
Genesis Research and Development, the unprofitable developer of gene silencing technology, has placed 20 percent of its share capital with Delight Grace, a British Virgin Islands-registered firm.
The 9.1 million shares were sold at 1 cent apiece, less than half the 2.5 cents they last traded at on June 29, raising $91,000.
In notes for discussion at the annual meeting last month, the company said there were "very tight market conditions for funding biotech" and a low share price meant any placement "will only raise a small amount".
In March, the company told NZX Market Supervision that it was "able to pay its debts as they fall due and continues to be solvent".
The statement was in response to a query from the regulator which said a shareholder had complained the company wasn't solvent.
UBNZ Asset Holdings, the company associated with the failed bid for the Crafar Farms, emerged last year with a 16 per cent holding in Genesis.
The research firm is trying to negotiate a reverse takeover of Mariposa Health, an unlisted Australia medical researcher.
Genesis shares traded as high as $7.55 in 2001.
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