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SQI Seeks to Raise $9M in Private Placement

NEW YORK (GenomeWeb News) – Microarray-based diagnostics firm SQI announced late on Thursday its intention to complete a non-brokered private placement of more than 5 million units to raise gross proceeds of up to C$9 million (US$9 million).

The Toronto-based firm said it plans to place up to 5,142,857 units for C$1.75 per unit. Each unit will consist of one common share and one common share purchase warrant, which will entitle its holder to purchase one common share for C$2.50 for a period of two years from the date of issuance.

Net proceeds from the placement will go toward product development, as well as commercialization of products, sales and marketing, and general working capital.

The placement is expected to close in two tranches. The first one is anticipated to close on or about today, and the second on or about May 18.

Upon completion of the full placement and after giving the effect to the issuance of shares and the exercise of warrants, SQI would have up to 46,566,307 shares outstanding, it said.

SQI restructured its business in December to focus on its Diagnostics Tools and Services business in order to create a more sustainable cost structure. The realignment resulted in a workforce reduction of 14 positions. In March, the company reported a net loss of C$1.7 million in its first quarter.

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