Gemina Laboratories Announces Debenture Offering and Delisting Plans

Gemina Laboratories Ltd. has unveiled plans for a non-brokered private placement of secured, non-convertible debentures with gross proceeds ranging from $1 million to $3 million. The debentures, secured by the company's intellectual property, offer an 18% annual interest and mature in twelve months. Holders of the majority of the debentures will have the option to appoint at least half of the board members and approve new liabilities.

In tandem, Gemina intends to delist from the Canadian Securities Exchange, pending necessary approvals. The company cites weak market conditions and aims for greater flexibility and cost savings. Delisting will limit shareholders' access to a regulated market, affecting liquidity and pricing of common shares.