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Acquisition of Common Shares of SQI Diagnostics Inc.

·2 min read

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

TORONTO, Dec. 31, 2020 /CNW/ - Mr. Wilmot L. Matthews ("Mr. Matthews") announces that he has acquired beneficial ownership of 6,354,165 common shares of SQI Diagnostics Inc. ("SQI") through the exercise of common share purchase warrants of SQI ("Warrants") for aggregate consideration of $1,333,333. Of the Warrants exercised, 6,250,000 Warrants were exercised at a price of $0.21 per common share, which Warrants were issued pursuant to a private placement of units of SQI on March 10, 2017, and 104,165 Warrants were exercised at a price of $0.20 per common share, which Warrants were issued pursuant to a private placement of units of SQI on December 20, 2017. Mr. Matthews has been a director of SQI since April 8, 2015.

Immediately prior to the transaction described herein, Mr. Matthews beneficially owned or exercised control or direction over 80,715,610 common shares, 48,244,302 Warrants and $1,100,000 principal amount of 10% secured debentures due January 30, 2025 of SQI, representing approximately 26.01% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 35.96% 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.

Immediately after the transaction described herein, Mr. Matthews beneficially owns or exercises control or direction over 87,069,775 common shares, 41,890,137 Warrants and $1,100,000 principal amount of 10% secured debentures due January 30, 2025 of SQI, representing approximately 26.43% of the issued and outstanding shares of SQI on a non-diluted basis and representing approximately 34.73% 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.

The securities described herein were acquired for investment purposes. 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.

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/December2020/31/c8579.html