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SQI Closes $3.8M Private Placement

NEW YORK (GenomeWeb News) – SQI today said it has raised almost C$3.85 million (US$3.81 million) in a non-brokered private placement of its stock.

The Toronto-based microarray-based diagnostics firm placed more than 5.1 million units at C$.75 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at C$1.10 for up to two years after the date of issuance.

In connection with the placement, SQI issued 512,604 compensation warrants to Kingsdale Capital Markets entitling it to acquire 512,604 units at C$.75 per unit and expiring 24 months after the placement. Kingsdale also received a cash finder's fee of $269,000 of the gross proceeds from the placement.

The funds will be used for product development and commercialization programs, as well as sales and marketing efforts and general working capital purposes.

The company announced the private placement earlier this week.