/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
OF AMERICA/
TORONTO, Nov. 8, 2021 /CNW/ - SQI Diagnostics Inc.
("SQI" or the "Company") (TSXV: SQD) (OTCQB: SQIDF), a life
sciences and diagnostics company that develops and commercializes
proprietary technologies and products for advanced microarray
diagnostics, today announced that it has completed the second
and final tranche of a non-brokered private placement (the
"Private Placement") of 3,206,579 units ("Units") of
the Company at a price of $0.19 per
Unit for gross proceeds of approximately $610,000. Each Unit consists of one common share
and one common share purchase warrant. Each common share purchase
warrant entitles the holder to purchase one common share at a price
of $0.25 for a period of five years
from the date of issuance.
The aggregate gross proceeds raised by the Company in connection
with the completion of the previously announced first tranche of
the Private Placement, which closed on November 1, 2021, and the second tranche of the
Private Placement is approximately $5.1
million, resulting from the issuance of a total of
26,932,895 Units.
The Private Placement is subject to all necessary regulatory and
stock exchange approvals. The securities issued pursuant to the
second tranche of the Private Placement will be subject to a hold
period expiring March 9, 2022, in
accordance with applicable Canadian securities law. In
connection with the Private Placement, the Company paid a finder's
fee of $7,648 in cash.
SQI intends to use the net proceeds of the second tranche of the Private Placement to fund the Company's product
commercialization and manufacturing 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", "may", "expects", "intends", "anticipates" 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 Private Placement and the use of proceeds of the
Private Placement. These forward-looking statements involve risks
and uncertainties including, but not limited to risks related to
the failure to obtain necessary regulatory and stock exchange
approvals, general economic and market segment conditions, and
international risk and currency exchange risks, 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.