/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES/
TORONTO, Nov. 24,
2022 /CNW/ - On November 21,
2022, Mr. Matthews disposed (the "Sale Transaction") of
47,000 common shares ("Shares") in the capital of SQI Diagnostics
Inc. ("SQI" or the "issuer"). Since the date of the last early
report filed by Mr. Matthews on February 10,
2021 (the "Prior Report") with respect to his securities of
the issuer, Mr. Matthews has disposed of an aggregate of
554,333 Shares by way of over the market trades qualified
through the filing of two Form 45-102F1s – Notice of Intention
to Distribute Securities under Section 2.8 of NI 45-102 Resale of
Securities (the "Sales Notice") dated February 9, 2021 and October 25, 2022, for aggregate consideration of
$215,060.66 or an average price of
approximately $0.39 per Share,
exercised 6,562,502 common share purchase warrants ("Warrants") of
the issuer and purchased 7,017,543 units comprised of one Warrant
and one Share pursuant to a private placement of the issuer that
closed on November 1, 2021.
As a result of the Sale Transaction, Mr. Matthews beneficially
owns or exercises control or direction over 100,349,488 Shares,
42,345,179 Warrants, $1,100,000
principal amount of 10% secured debentures due January 30, 2025 and $1,350,000 principal amount of 8% secured
debentures due June 10, 2024 of SQI,
representing approximately 25.49% of the issued and outstanding
shares of SQI on a non-diluted basis and representing approximately
32.73% of the issued and outstanding shares of SQI, assuming the
full exercise of all Warrants that Mr. Matthews beneficially owns
or exercises control or direction over.
At the time of the filing of the Prior Report, Mr. Matthews
beneficially owned or exercised control or direction over
87,069,775 Shares, 41,890,137 Warrants and $1,100,000 principal amount of 10% secured
debentures due January 30, 2025 of
the issuer, representing approximately 26.43% of the issued and
outstanding Shares on a non-diluted basis and representing
approximately 34.73% of the issued and outstanding Shares, assuming
the full exercise of all Warrants that Mr. Matthews beneficially
owns or exercises control or direction over. Mr. Matthews'
ownership of securities of the issuer has not changed as compared
to the foregoing as at the time of the filing of this report.
In addition to the transactions described herein and disclosed
in the Sales Notice, Mr. Matthews may increase or decrease his
investment, directly or indirectly, in securities of SQI from time
to time, depending on market conditions or any other relevant
factors.
A copy of the report relating to this acquisition may be found
on SQI's profile at www.SEDAR.com or may be obtained from Mr.
Matthews at 416-214-2226 or at Mr. Matthews' address: 200 King
Street West, Suite 1702, Toronto,
Ontario M5H 3T4. SQI's head office is located at 36 Meteor
Drive, Toronto, Ontario M9W
1A4.
SOURCE SQI Diagnostics Inc.
