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.

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