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SQI Raises C$3.7M in Private Placement

NEW YORK (360Dx) – SQI Diagnostics announced on Friday that it has raised gross proceeds of C$3.7 million ($2.7M) in a non-brokered private placement.

The firm sold about 23 million units at C$.16 per unit as part of the deal. Each unit comprises one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one common share at C$.21 for up to five years from the date of the issuance.

The Toronto-based firm said it intends to use net proceeds from the placement for commercialization and manufacturing programs, sales and marketing, and general working capital.