Gemina Laboratories Announces Termination of Transaction

Rhea-AI Summary

Gemina Laboratories (CSE:GLAB) announced the termination of its previously announced non-brokered private placement that aimed to raise up to $7 million at $0.75 per common share. The company was unable to secure subscriptions and is now exploring alternative financing options.

Additionally, the company announced the departure of two board members, Martha Najib and Bola Grace. The company is currently evaluating alternative financing strategies to address its capital needs.

Positive

• None.

Negative

• Failed to secure $7 million private placement financing
• Two board members have departed
• Company needs to seek alternative financing options

VANCOUVER, BC / ACCESS Newswire / October 1, 2025 / Gemina Laboratories Ltd. (CSE:GLAB) (the "Company" or "Gemina") announces that further to its news release dated November 13, 2024, the Company will not be proceeding with the non-brokered private placement of up to $7,000,000 at a price of $0.75 per common share. The Company has not been able to close on its subscription and is in the process of exploring financing alternatives.

The Company also wishes to announce that Martha Najib and Bola Grace have left the board of directors. The Company sincerely thanks them both for their service and wishes them the very best in their future endeavours.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

On Behalf of the Board of Directors John Davies

Chairman

Gemina Laboratories Ltd.

About Gemina Laboratories Ltd.

Gemina Labs is a biosensor and binding technologies company initially focused on the diagnostics industry. Our technologies include transformative, patented, proprietary chemistries that power next generation testing platforms for a wide range of pathogens and other analytes that affect human health and wellness, driving testing platforms that are fast, affordable and accurate, and easily self-administered. More information about Gemina's technology can be found here:

Additional information on the Company can be found at www.geminalabs.com.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this Release.

Forward Looking Statements

This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include, without limitation, statements regarding the intended use of the proceeds raised under the Offering, and the intended growth of the Company's product catalogue and commercial partnerships. Information and statements which are not purely historical fact are forward- looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. These risks and uncertainties include delays in obtaining required regulatory approvals; market uncertainty; the inability of the Company to use the proceeds raised under the Offering as anticipated; and the risk that the Company will be unable to develop its product catalogue and commercial partnerships as expected. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. As such, any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

For more information regarding the Company, please contact: Email: investor@geminalabs.com

SOURCE: Gemina Laboratories Ltd.

View the original press release on ACCESS Newswire

FAQ

Why did Gemina Laboratories (GLAB) terminate its private placement offering?

Gemina Laboratories terminated the $7 million private placement because the company was unable to close on its subscription and is now exploring alternative financing options.

How much was Gemina Laboratories (GLAB) trying to raise in its private placement?

Gemina Laboratories was attempting to raise up to $7 million through a non-brokered private placement at $0.75 per common share.

Which board members left Gemina Laboratories in October 2025?

Martha Najib and Bola Grace have departed from Gemina Laboratories' board of directors.

What is Gemina Laboratories' plan after the failed private placement?

Following the terminated private placement, Gemina Laboratories stated it is in the process of exploring alternative financing options to meet its capital needs.