Mr. Clive J. Beddoe

March 13, 2017 07:46 ET

Acquisition of Units of SQI Diagnostics Inc.

CALGARY, ALBERTA--(Marketwired - March 13, 2017) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Mr. Clive J. Beddoe ("Mr. Beddoe") announces that he has acquired beneficial ownership of 6,250,000 common shares and 6,250,000 common share purchase warrants of SQI Diagnostics Inc. ("SQI"), representing an increase of approximately 2.3% of the issued and outstanding common shares of SQI on a non-diluted basis and an increase of approximately 4.4% of the issued and outstanding common shares of SQI, assuming the exercise of all common share purchase warrants of SQI that Mr. Beddoe beneficially owns or exercises control or direction over. The securities were acquired by Mr. Beddoe on March 10, 2017 in connection with a private placement offering of units of SQI ("Units") at a price of $0.16 per Unit for aggregate consideration of $1,000,000. Mr. Beddoe has been a director of SQI since April 8, 2015.

Immediately prior to the acquisition, Mr. Beddoe beneficially owned or exercised control or direction over 13,598,567 common shares, 8,822,815 common share purchase warrants and $400,000 principal amount of 10% secured debentures due January 30, 2020 of SQI, representing approximately 16.81% of the issued and outstanding common shares of SQI on a non-diluted basis and representing approximately 24.99% of the issued and outstanding shares of SQI, assuming the full exercise of all common share purchase warrants of SQI that Mr. Beddoe beneficially owns or exercises control or direction over.

Immediately after the acquisition, Mr. Beddoe beneficially owns or exercises control or direction over 19,848,567 common shares, 15,072,815 common share purchase warrants and $400,000 principal amount of 10% secured debentures due January 30, 2020 of SQI, representing approximately 19.11% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 29.36% of the issued and outstanding shares of SQI, assuming the full exercise of all common share purchase warrants of SQI that Mr. Beddoe beneficially owns or exercises control or direction over.

The securities described herein were acquired for investment purposes. Mr. Beddoe 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 Ryan Ogrodniczuk at 403-266-6203 or at Mr. Beddoe's address c/o Hanover Investments Corporation Ltd., 525-11th Avenue SW, Suite 302, Calgary, Alberta, T2R 0C9. SQI's head office is located at 36 Meteor Drive, Toronto, Ontario, M9W 1A4.

Contact Information

  • Ryan Ogrodniczuk
    403-266-6203