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SQI Diagnostics to raise C$4.5M via private placement of units

SQI Diagnostics Inc. is expecting gross proceeds of about C$4.5 million from a nonbrokered private placement of up to 30 million units priced at 15 Canadian cents apiece.

Each unit comprises 1 common share and a five-year warrant to buy 1 common share for 20 Canadian cents.

The placement is expected to close shortly after SQI Diagnostics' annual and special shareholder meeting Dec. 18.