It issued over 9.3mln units at 7.5 cents each, with each unit consisting of one share and one-half a share purchase warrant.
These entitle the holder to purchase one additional share for 15 cents for two years from closing.
The warrants will contain a forced conversion provision if the shares trade at 25 cents or more for 10 trading days.
Quikflo shares are currently halted from trading on the TSX Venture Exchange
Any future material acquisitions by the company, including any acquisitions involving the proceeds of the private placement, will be subject to the approval of the exchange.