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SQI Raises $2.3M in Private Placement

NEW YORK (GenomeWeb News) – SQI Diagnostics has raised C$2.3 million (US$2.3 million) in gross proceeds in a second tranche of a non-brokered private placement.

The tranche is part of a placement intended to bring in as much as C$9 million that the Canadian microarray-based diagnostics firm announced a week ago.

In the second tranche, SQI placed more than 1.3 million units at $1.75 per unit. Aggregate gross proceeds from the first two tranches of the placement total C$4.9million, it said. The third tranche is expected to close on or about May 24.

The Toronto-based firm intends to place a total of up to 5,142,857 units for C$1.75 per unit, with each unit consisting of one common share and one common share purchase warrant, which entitles its holder to purchase one common share for C$2.50 for a period of two years from the date of issuance.

Net proceeds will go toward product development and commercialization, sales and marketing, and general working capital.

"The closing of the second tranche of the private placement is important to the company as we believe that it puts the company in a strong position to focus on our sales funnel of diagnostic tools and services and continue to commercialize our IVD products which will strengthen our IVD customer opportunities," SQI CFO Andrew Morris said in a statement.

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