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SQI Raises $1.3M in Private Placement

NEW YORK (GenomeWeb News) – Microarray diagnostics firm SQI said Monday that it has raised gross proceeds of C$1.5 million (US$1.3 million) through a non-brokered private placement.

The Toronto-based firm placed almost 3 million units at C$.50 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$.65 for two years from the date of issuance.

SQI said that in connection with the private placement, it has paid Kingsdale Capital Markets a finder's fee of C$104,000 of gross proceeds and issued 296,500 compensation warrants entitling Kingsdale to acquire 296,500 units at C$.50 per unit. The warrants expire 24 months after the close of the placement.

Net proceeds will go toward product development, commercialization programs, and partner development, as well as sales and marketing, and general working capital purposes, SQI said.