/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
TORONTO, June 22 /CNW/ - SQI Diagnostics Inc. (TSX-Venture: SQD), is
pleased to announce that, further to its May 30, 2007 press release announcing
a private placement, the Company, its lead agent, Research Capital
Corporation, and Kingsdale Capital Markets Inc. have set the offering terms of
its proposed brokered private placement of units for aggregate proceeds of up
to $7 million.
The Units will be priced at $1.60 per Unit. Each Unit shall consist of
one common share of the Company and one half (1/2) common share purchase
warrant. Each whole warrant will entitle the holder to acquire, at any time
within twenty-four months from the closing of the offering, one common share
of the Company at the exercise price of $2.40. The Units and underlying
securities will be subject to a four-month hold period. The private placement
is expected to close on or about Friday, June 29, 2007.
Proceeds from the Offering will be used to fund research and development,
for working capital and general corporate purposes.
Closing of the private placement financing is subject to TSX Venture
This press release does not constitute an offer to sell or a solicitation
of an offer to buy 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
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
About SQI Diagnostics
SQI Diagnostics is a medical systems automation company focused on
evolving laboratory-based biomarker testing. Using automation and proprietary
miniaturization technologies, SQI Diagnostics significantly improves the
economies of scale for laboratories performing multiple biomarker testing at
high volumes, allowing them to deliver patient results faster using less labor
and fewer resources. SQI Diagnostics' initial products target the $1.4 billion
autoimmune disease market, with initial products for Rheumatoid Arthritis and
Thrombosis scheduled for launch in 2007. SQI Diagnostics is based in Toronto,
Canada. For further information please visit www.sqidiagnostics.com.
For further information:
For further information: Chief Financial Officer, Andrew Morris, (416)
674-9500 ext. 229, email@example.com; Investor Relations, James
Smith, (416) 815-0700 ext. 229, firstname.lastname@example.org