SQI raises CDN $754,000 in third and final tranche of private placement

SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD), a life sciences company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, announced today it has raised gross proceeds of CDN $754,000 from the closing of the third and final tranche of a non-brokered private placement (the "Private Placement") of 430,713 units ("Units") priced at $1.75 per Unit. The aggregate gross proceeds raised by the Company in connection with the first, second and third tranches of the Private Placement is $5.659 million through the issuance of a total of 3,233,571 units.    

Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one common share at a price of $2.50 for a period of two years from the date of issuance. After giving effect to the issuance of the shares and assuming the exercise of all warrants issued in connection with the first, second and third tranches of the Private Placement, the Company would have 42,747,735 shares outstanding.

In connection with the third tranche of the Private Placement, the Company paid Kingsdale Capital Markets Inc. ("Kingsdale") a cash finder's fee of $45,225 and issued 25,843 compensation warrants entitling Kingsdale to acquire 25,843 Units at a price of $1.75 per Unit and expiring 24 months after the closing of the Offering. The total cash finders fee and number of compensation warrants issued to Kingsdale for the first, second and third tranches is $339,525 and 194,015 compensation warrants, respectively.

The Private Placement is subject to all necessary regulatory and stock exchange approvals. The securities being issued pursuant to the Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities law.

SQI intends to use the net proceeds to fund the Company's product development and commercialization programs, sales and marketing and for general working capital purposes.

"The completion of the Private Placement puts the Company in a much stronger financial position to focus on our sales funnel of Diagnostic Tools and Services customers and to continue to commercialize our IVD products," said Andrew Morris, Chief Financial Officer of SQI.

Source:

SQI Diagnostics    

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
You might also like... ×
Evaluation of COVID-19 infection risk during US spring semester in-person teaching