Deal sells 2,965,000 units with two-year warrants at C$0.50 per unit
By Devika Patel
Knoxville, Tenn., Jan. 27 - SQI Diagnostics Inc. said it settled a C$1.48 million non-brokered private placement of units.
The company sold 2,965,000 units of one common share and one warrant at C$0.50 per unit.
The warrants are each exercisable at C$0.65 for two years. The strike price reflects a 30% premium to the C$0.50 closing share price on Jan. 24.
Kingsdale Capital Markets Inc. was paid a finder's fee.
Proceeds will be used for product development and commercialization programs, sales and marketing and general working capital purposes.
SQI is a Toronto-based medical systems automation company.
| Issuer: | SQI Diagnostics Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,482,500
|
| Units: | 2,965,000
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Settlement date: | Jan. 27
|
| Stock symbol: | TSX Venture: SQD
|
| Stock price: | C$0.50 at close Jan. 24
|
| Market capitalization: | C$23.38 million
|
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