Under the first tranche of the agreement, the company issued 2.6 million common shares at a price of $1.25 per common share. The common shares issued pursuant to the private placement are subject to a four-month hold period which expires on April 24, 2009.
Proceeds from the offering will be used by the company to advance the commercialization of additional autoimmune multiplexed assays; to manufacture automated SQiDworks platforms to satisfy potential customer demand; and to focus on sales and marketing initiatives in North America.
SQI anticipates that a second tranche to raise up to C$2 million, will be completed in January 2009.