/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES/
TORONTO, Dec. 31, 2020 /CNW/ - Mr. Wilmot L. Matthews ("Mr. Matthews") announces
that he has acquired beneficial ownership of 6,354,165 common
shares of SQI Diagnostics Inc. ("SQI") through the exercise of
common share purchase warrants of SQI ("Warrants") for aggregate
consideration of $1,333,333. Of the
Warrants exercised, 6,250,000 Warrants were exercised at a price of
$0.21 per common share, which
Warrants were issued pursuant to a private placement of units of
SQI on March 10, 2017, and 104,165
Warrants were exercised at a price of $0.20 per common share, which Warrants were
issued pursuant to a private placement of units of SQI on
December 20, 2017. Mr. Matthews has
been a director of SQI since April 8,
2015.
Immediately prior to the transaction described herein, Mr.
Matthews beneficially owned or exercised control or direction over
80,715,610 common shares, 48,244,302 Warrants and $1,100,000 principal amount of 10% secured
debentures due January 30, 2025 of
SQI, representing approximately 26.01% of the issued and
outstanding shares of SQI on a non-diluted basis and representing
approximately 35.96% of the issued and outstanding shares of SQI,
assuming the full exercise of all Warrants that Mr. Matthews
beneficially owns or exercises control or direction over.
Immediately after the transaction described herein, Mr. Matthews
beneficially owns or exercises control or direction over 87,069,775
common shares, 41,890,137 Warrants and $1,100,000 principal amount of 10% secured
debentures due January 30, 2025 of
SQI, representing approximately 26.43% of the issued and
outstanding shares of SQI on a non-diluted basis and representing
approximately 34.73% of the issued and outstanding shares of SQI,
assuming the full exercise of all Warrants that Mr. Matthews
beneficially owns or exercises control or direction over.
The securities described herein were acquired for investment
purposes. Mr. Matthews may increase or decrease his investment,
directly or indirectly, in securities of SQI from time to time,
depending on market conditions or any other relevant factors.
A copy of the report relating to this acquisition may be found
on SQI's profile at www.SEDAR.com or may be obtained from Mr.
Matthews at 416-214-2226 or at Mr. Matthews' address: 200 King
Street West, Suite 1702, Toronto,
Ontario M5H 3T4. SQI's head office is located at 36 Meteor
Drive, Toronto, Ontario M9W
1A4.
SOURCE SQI Diagnostics Inc.