 |
Press ReleasesSQI Diagnostics Inc. Raises Additional CDN$1.66 Million Under Private PlacementReleased: Jan 21, 2009 Toronto, Canada, March 10, 2009 - SQI Diagnostics Inc. (TSX-Venture: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, announced today that it has raised gross proceeds of CDN$1,664,375 in the second tranche of a previously announced non-brokered private placement. The total gross proceeds raised by the Company under the private placement are CDN$4,664,375. Under the second tranche of the private placement, the Company issued 1,331,500 common shares at a price of $1.25 per common share. The common shares issued pursuant to the second tranche of the private placement are subject to a four-month hold period which expires on May 22, 2009. On December 19, 2008, the Company announced a non-brokered private placement agreement to issue up to 4,000,000 common shares in the capital of the Company for total gross proceeds of CDN$5,000,000 subject to regulatory approval. Under the first tranche of the private placement, which closed on December 23, 2008, the Company issued 2.4 million common shares at a price of $1.25 per common share for total gross proceeds of CDN$3,000,000. Proceeds from the private placement 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 second tranche of the private placement, satisfied by the issuance of 106,520 whole warrants at a strike price of $1.25, expiring on January 21, 2011, and a cash payment of CDN$133,150. The closing of the private placement and the payment of a finder's fee are subject to final regulatory approval. About SQI Diagnostics For further information please contact:
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. |
