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SQI Diagnostics Inc Announces Private Placement Of Up To CDN$3.760 Million

Tuesday, 30 Apr 2013 09:20am EDT 

SQI Diagnostics Inc announced that it intends to complete a non-brokered private placement (the Private Placement) of up to 5,013,000 units (Units) of the Company at a price of $0.75 per Unit for gross proceeds of up to $3.760 million, subject to regulatory and stock exchange approval. Each Unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one common share at a price of $1.10 for a period of two years from the date of issuance. If the full Private Placement is sold and after giving effect to the issuance of shares and exercise of warrants the Company would have up to 49,888,264 shares outstanding. Certain officers, directors and other insiders of the Company may acquire securities under the private placement. In conjunction with the closing of the financing, options granted to members of the Board of Directors on January 10, 2013 will be amended to increase the exercise price of the options to $0.75 from $0.45. All others terms of the options remain unchanged. The Company expects to close the Private Placement on or about May 1, 2013. 

Company Quote

-0.08 -13.79%
12:43pm EST