SQI Diagnostics Inc. said it completed an upsized nonbrokered private placement for gross proceeds of about C$4.7 million.
The company sold 31,061,300 units at a price of 15 Canadian cents per unit.
Each unit comprised 1 common share and a five-year warrant to buy 1 common share for 20 Canadian cents.
The company insiders subscribed for an aggregate of 20,116,667 units for gross proceeds of C$3 million under the private placement.
Regarding the placement, the company paid aggregate cash commissions of C$74,739 to Industrial Alliance Securities Inc. and Leede Jones Gable Inc. and issued 463,260 compensation warrants to Leede Jones Gable Inc. on certain proceeds raised from noninsiders.
SQI intends to use the net proceeds of the placement to fund its product commercialization and manufacturing programs, sales and marketing, and for general working capital purposes.
