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TORONTO, June 17, 2022 /PRNewswire/ – 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 announces that it has completed a non-brokered private placement (the “Offering“) of secured debentures at a price of $1,000 per Debenture for aggregate gross proceeds of $4.05 million (collectively, the “Debentures“).
The Debentures will bear interest at a rate of 8% per annum and will mature two years from the date of issuance (the “Maturity Date“). In connection with the Offering, the Company amended its existing security agreement (the “Security Agreement“) dated January 30, 2015, as supplemented and amended from time to time, entered into among the Company and certain holders of existing 10% secured debentures (the “Existing Debentures“) of the Company in order to secure the obligations of the Company under the Debentures on the same priority as the Existing Debentures. At any time prior to the first anniversary of Offering, the Company may redeem the Debentures, in whole or in part, at a price equal to 105% of the aggregate amount of indebtedness under the Debentures that the Company elects to redeem and at any time following the first anniversary of…
