MELBOURNE, Australia, April 23, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited ((ASX:GTG, NASDAQ:GENE, "Company", "GTG", or "Genetic Technologies")), a global leader in guideline-driven genomics-based tests in health, wellness and serious diseases, today announces the closing of its previously announced registered offering for the purchase and sale of 1,000,000 American Depositary Shares ("ADSs") (or ADS equivalents in lieu thereof), each representing thirty (30) ordinary shares of the Company, at an offering price of US$2.00 per ADS. In addition, in a concurrent private placement, the Company has issued unregistered warrants ("Warrants") to purchase up to 1,000,000 ADSs. The Warrants have an exercise price of US$2.00 per ADS, are exercisable upon issuance, and will expire five years following issuance. No shareholder approval is required as the capital raising as it is undertaken pursuant to the shareholder approval at the Company's EGM held on March 20, 2024. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering were approximately US$2 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering: to drive revenue and support our sales and marketing initiatives through the recently launched digital strategy via the consumer-initiated platforms; to drive sales and support the commercialization of the GeneType Multi Risk test through the B2B channels with U.S. health systems and employers; to expand into new markets in Europe and across South East Asia; to execute the sales and marketing to launch the 'World First' Comprehensive Hereditary Breast and Ovarian Cancer Risk Test as part of our germline genetic testing division; for funding product research and development of the newly announced Comprehensive risk test; and for other working capital and general corporate purposes. The securities described above, but not the Warrants issued in the private placement and the ADSs underlying the Warrants), were offered by ...