On December 16, 2022, SQI Diagnostics Inc. closed the transaction. The company announced that it has issued 1,500,000 units at a price of CAD 0.09 per unit for gross proceeds of approximately CAD 135,000 in its second tranche. The transaction is subject to all necessary regulatory and stock exchange approvals.

The company has paid CAD 3,150 as the finder's fees in the transaction. The TSX Venture Exchange has accepted for filing documentation with respect to anon-brokered private placement. The transaction included participation from four placees including existing insider involvement of two insiders for 11,111,112 and total pro group involvement of two pro groups for 1.5 million.