/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
TORONTO, Nov. 9 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD), a medical systems company focused on evolving laboratory-based biomarker testing, today announced that it intends to raise gross proceeds of up to CDN $15 million through a brokered private placement of common shares of the Company at a price to be determined in the context of the market.
The agents have been granted an over-allotment option for an additional $3 million of securities which can be exercised at any time prior to the closing of the private placement. The Company has retained Dundee Capital Corporation (Dundee) to act as lead placement agent with Kingsdale Capital Markets Inc. as co-agent.
The brokered private placement is subject to all necessary regulatory and stock exchange approvals. SQI intends to use the net proceeds principally towards the commercialization of its IgXplex assay and platform development pipeline, working capital for SQiDworks platform placements, expansion of sales and marketing, expansion of manufacturing and general working capital.
The securities being issued in the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. Closing of the brokered private placement will be on or about December 1, 2009.
About SQI Diagnostics
SQI Diagnostics is a medical systems company that develops proprietary technology in multiplexing, miniaturization and automation. SQI provides laboratories the ability to simultaneously analyze multiple biomarkers, deliver accurate patient results in less time, significantly reduce labour, and increase profits...All in One Drop. For more information please visit www.sqidiagnostics.com.
Certain information in this press release is based on beliefs and assumptions of the Company's senior management and information currently available to it that may constitute forward-looking information within the meaning of securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE SQI Diagnostics Inc.
For further information: For further information: Chief Financial Officer, Andrew Morris, (416) 674-9500 ext. 229, email@example.com; Media and Investor Relations, Adam Peeler, (416) 815-0700 ext. 225, firstname.lastname@example.org