By Devika Patel
Knoxville, Tenn., Aug. 12 - SQI Diagnostics Inc. said it has completed a C$5.7 million non-brokered private placement of units. The deal priced for C$5 million on Aug. 6.
The company sold 2.28 million units of one common share and one half-share warrant at C$2.50 each.
The whole warrants are exercisable at C$5.00 for two years. The strike price reflects a 117.39% premium to the C$2.30 closing share price on Aug. 5.
Proceeds will be used for development and commercialization programs and general working capital.
SQI is a Toronto-based medical systems automation company.
| Issuer: | SQI Diagnostics Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5.7 million
|
| Units: | 2.28 million
|
| Price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$5.00
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 6
|
| Pricing date: | Aug. 12
|
| Stock symbol: | TSX Venture: SQD
|
| Stock price: | C$2.30 at close Aug. 5
|
| Market capitalization: | C$78.65 million
|
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