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SQI Diagnostics raises C$3.1M from placement

SQI Diagnostics Inc. said it raised C$3.1 million from a private placement of company units, lower than the C$4 million it was originally seeking.

The Toronto-based healthcare equipment company sold 31,300,000 units at 10 Canadian cents each. Each unit was made up of a common share and a purchase warrant that can be exchanged for an additional stock of the company at 13 Canadian cents apiece.

Three SQI Diagnostics insiders subscribed to 30 million of the units. The proceeds from the placement will be used to fund product commercialization and manufacturing programs, sales and marketing as well as for general working capital purposes, the company said in a Sept. 25 press release.