TORONTO, April 10, 2014 /PRNewswire/ - SQI Diagnostics
Inc. ("SQI" or the "Company") (TSX-V: SQD), a life sciences and
diagnostics company that develops and commercializes proprietary
technologies and products for advanced microarray diagnostics,
today announced that it has closed its previously announced public
offering (the "Offering"). Pursuant to the Offering, SQI issued
8,400,000 units of the Company ("Units") at a price of C$0.50 per Unit for gross proceeds of
C$4.2 million. Each Unit is
comprised of one common share of the Company (a "Common Share") and
one Common Share purchase warrant (a "Warrant"). Each Warrant
is exercisable at a price of C$0.65
and entitles the holder thereof to acquire one Common Share until
April 10, 2016.
The Units were issued pursuant to an agency agreement the
Company entered into with Euro Pacific Canada Inc. (the "Agent").
H.C. Wainwright & Co., LLC and Kingsdale Capital Markets
Inc. formed part of the selling group, and H.C. Wainwright & Co., LLC acted as lead
U.S. placement agent. The Company paid the Agent a fee equal
to 7% of the gross proceeds raised ($0.035 per unit) and issued compensation options
to acquire up to that number of Common Shares as is equal to 7% of
the number of Units issued pursuant to the Offering at the offering
price until April 10, 2016.
SQI intends to use the net proceeds to fund the Company's
product development and commercialization programs, sales and
marketing and for general working capital purposes.
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and accordingly may not be offered or sold within the United States or to "U.S. persons", as
such term is defined in Regulation S promulgated under the U.S.
Securities Act ("U.S. Persons"), except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions therefrom.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities to,
or for the account of benefit of, persons in the United States or U.S. Persons.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that
develops and commercializes proprietary technologies and products
for advanced microarray diagnostics. The Company's proprietary
microarray tests and fully-automated systems are designed to
simplify protein and antibody testing workflow, increase
throughput, reduce costs and provide excellent data quality. For
more information, please visit www.sqidiagnostics.com.
FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking
statements, including, without limitation, statements containing
the words "will", "expects", "intends" and other similar
expressions which constitute "forward-looking information" within
the meaning of applicable securities laws. Forward-looking
statements reflect the Company's current expectation and
assumptions, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. The forward-looking statements in this news release
include without limitation, statements with respect to the use of
proceeds of the Offering. These forward-looking statements involve
risks and uncertainties including, but not limited to risks related
to the failure to obtain necessary regulatory approvals, general
economic and market segment conditions, and international risk and
currency exchange, agreements and future agreements to sell our
products, the success of our Diagnostic Tools and Services business
and our intent to build near-term revenue streams from this
business, the successful regulatory filing and receipt of
regulatory approvals for our later stage quantitative diagnostic
kits, the acceleration of our revenue ramp, general economic and
market segment conditions, competitor activity, technology changes
and regulatory approvals. Such statements reflect the current views
of the Company with respect to future events and are subject to
certain risks and uncertainties and other risks detailed from
time-to-time in the Company's ongoing filings with the securities
regulatory authorities, which filings can be found at
www.sedar.com. Actual results, events, and performance may differ
materially. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable laws.
This news release does not constitute an
offer to sell or a solicitation of an offer to sell any of the
securities in the United States.
The securities have not been and will not be registered under the
U.S. Securities Act or any state securities laws and may not be
offered or sold within the United
States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE SQI Diagnostics Inc.