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Press ReleasesSQI Diagnostics Inc. Raises CDN$3 Million With Private PlacementReleased: Dec 23, 2008 Toronto, Canada, December 23rd, 2008 – SQI Diagnostics Inc. (TSX-Venture: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, announced today that it has completed the first tranche of a previously announced non-brokered private placement for total gross proceeds of CDN$3,000,000. Under the first tranche of the agreement, the Company issued 2.4 million common shares at a price of $1.25 per common share. The common shares issued pursuant to the private placement are subject to a four-month hold period which expires on April 24, 2009. On December 19th, 2008, SQI announced a non-brokered private placement agreement to issue, subject to regulatory approval, up to 4,000,000 common shares in the capital of the Company. SQI anticipates that a second tranche to raise up to CDN$2 million, will be completed in January 2009. Proceeds from the offering will be used by the Company to advance the commercialization of additional autoimmune multiplexed assays; to manufacture automated SQiDworks™ platforms to satisfy potential customer demand; and to focus on sales and marketing initiatives in North America. The Company paid a finder's fee to an arm's-length party in respect to the offering, satisfied by the issuance of 236,800 warrants at a strike price of $1.90, expiring on December 23, 2011. As a result of the completion of the first tranche of the private placement, F.W. Thompson & Company Limited will have direction and control of 4,605,600 common shares of SQI, representing approximately 18% of the Company's outstanding common shares. About SQI Diagnostics For further information please contact:
This press 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 U.S. Securities Act or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available Certain information in this press release is based on beliefs and assumptions of the Company's senior management and information currently available to it that may constitute forward-looking information within the meaning of securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
