/NOT FOR DISTRIBUTION TO
It is anticipated that two insiders of the Company, who are control persons of the Company, will collectively subscribe for all 11,111,112 Units issuable under the Private Placement. The issuances of Units to insiders pursuant to the Private Placement will also be considered related party transactions within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). SQI intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
The Private Placement is subject to all necessary regulatory and stock exchange approvals and may close in one or more tranches, with the first tranche expected to close on or about
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 "
CAUTIONARY NOTES
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 involve risks and uncertainties including, but not limited to risks related to the failure to obtain necessary regulatory and stock exchange approvals for the Private Placement, general economic and market factors, competition, 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 forward-looking statements contained herein are based on what management considers to be reasonable assumptions based on currently available information, 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
Neither
SOURCE
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