/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
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TORONTO, Dec. 16,
2022 /CNW/ - SQI Diagnostics Inc. ("SQI" or the
"Company") (TSXV: SQD) (OTCQB: SQIDF), a life sciences and
diagnostics company that develops and commercializes proprietary
technologies and products for advanced microarray diagnostics,
today announced that it has completed the second tranche of its
previously announced non-brokered private placement (the
"Private Placement") of 1,500,000 units ("Units") of
the Company at a price of $0.09 per
Unit for gross proceeds of approximately $135,000 . Each Unit consists of one common share
and one common share purchase warrant (each, a "Warrant").
Each Warrant entitles the holder to purchase one common share at a
price of $0.12 for a period of five
years from the date of issuance.
The Private Placement is subject to all necessary regulatory and
stock exchange approvals. The securities issued pursuant to
the first tranche of the Private Placement will be subject to a
hold period expiring April 17, 2023,
in accordance with applicable Canadian securities law. SQI intends
to use the net proceeds of the Private Placement to fund the
Company's product commercialization and manufacturing programs,
sales and marketing and for general working capital purposes.
The securities described herein 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 accordingly may not be offered or sold within
the United States or to "U.S.
persons", as such term is defined in Regulation S promulgated under
the U.S. Securities Act ("U.S. Persons"), except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This news release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the Company's securities to, or for the account of benefit
of, persons in the United States
or U.S. Persons.
About SQI Diagnostics
SQI Diagnostics is a leader in the science of lung health. The
Company develops and manufactures respiratory health and precision
medicine tests that run on SQI's fully automated systems. The
Company is developing tests to simplify and improve COVID-19
antibody monitoring, Rapid Acute Lung Injury testing, donor organ
transplant informatics, and immunological protein and antibody
testing. SQI Diagnostics is driven to create and market life-saving
testing technologies that help more people in more places live
longer, healthier lives. For more information, please
visit www.sqidiagnostics.com.
Contacts:
Andrew
Morris
Chief Executive
Officer
416-903-1955
amorris@sqidiagnostics.com
Morlan
Reddock
Chief Financial
Officer
437-235-6563
mreddock@sqidiagnostics.com
FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking
statements, including, without limitation, statements containing
the words "will", "may", "expects", "intends", "anticipates" and
other similar expressions which constitute "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current
expectation and assumptions, and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. The forward-looking statements
in this news release include without limitation, statements with
respect to the Private Placement and the use of proceeds of the
Private Placement. These forward-looking statements are qualified
in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause
actual results to differ materially from expectations include, but
are not limited to, risks related to the failure to obtain
necessary regulator and stock exchange approvals for the Private
Placement, general economic and market factors, competition, the
development and commercialization of the Company's diagnostics
tests, the effect of the global pandemic and consequent economic
disruption, and the factors detailed in the Company's ongoing
filings with the securities regulatory authorities, available at
www.sedar.com.
Although the forward-looking statements contained herein
are based on what we consider to be reasonable assumptions based on
information currently available to us, there can be no assurance
that actual events, performance or results will be consistent with
these forward-looking statements, and our assumptions may prove to
be incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable laws.
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 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.
