- SQI Diagnostics (SQD) has completed the first tranche of its non-brokered private placement for gross proceeds of approximately $1 million
- The company issued 11,111,112 units at a price of $0.09 per unit
- It intends to use the proceeds to fund its product commercialization and manufacturing programs, for sales and marketing and for general working capital
- SQI Diagnostics is a leader in the science of lung health
- SQI Diagnostics (SQD) closed unchanged trading at $0.095 per share
SQI Diagnostics (SQD) has completed the first tranche of its non-brokered private placement.
It raised gross proceeds of approximately $1 million through the issuance of 11,111,112 units at a price of $0.09 per unit.
Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one additional common share at $0.12 for a period of five years from the date of issue.
Two insiders of the company, who are control persons, subscribed for all 11,111,112 units.
The company intends to complete the second tranche of the private placement on or about December 8, 2022. It will issue an additional 1,666,666 units for gross proceeds of up to approximately $150,000.
SQI intends to use the net proceeds to fund the company’s product commercialization and manufacturing programs, for sales and marketing and for general working capital purposes.
All securities issued are subject to a statutory four-month hold period, expiring April 2, 2023.
SQI Diagnostics is a leader in the science of lung health. The company develops and manufactures respiratory health and precision medicine tests that run on SQI’s fully automated systems.
SQI Diagnostics (SQD) closed unchanged trading at $0.095 per share.