SQI Diagnostics Inc. (TSX-V: SQD; OTCQX: SQIDF), an advanced microarray diagnostics company, announced on March 10, 2107 the closing of an upsized non-brokered private placement of 22,970,000 units at a price of $0.16 per unit for gross proceeds of approximately $3.7 million.
Three insiders of the company subscribed an aggregate of 18,750,000 units for gross proceeds of $3,000,000.
Clive J. Beddoe and Wilmot L. Matthews, each a director of SQI Diagnostics, subscribed 6,250,000 units each. The third insider subscriber and the largest shareholder of SQI, Cumberland Private Wealth Management Inc., has yet to file its early warning report.
SQI intends to use the net proceeds to fund its product commercialization and manufacturing programs, sales and marketing and for general working capital purposes.
photo credit: SQI Diagnostics