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Jan 18, 2018

Spectra7 Microsystems Inc. Completes $15.3 Million Bought Deal Offering

Richard M. Kimel, Sherri M. Altshuler, Liam Tracey-Raymont, Amy Marcen-Gaudaur and Barbara Worndl

Spectra7 Microsystems Inc. (“Spectra7”) (TSX: SEV), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, recently completed a $15.3 million bought deal public offering of units.

On January 9, 2018, Spectra7 completed its previously announced offering of 15,315 units (inclusive of 315 units issued pursuant to the partial exercise of the underwriter’s over-allotment option) at a price of $1,000 per unit for gross proceeds of $15.3 million. Each unit issued pursuant to the offering consisted of one 7% senior unsecured convertible debenture of Spectra7 in the principal amount of $1,000 (each, a “Debenture”) and 1,425 common share purchase warrants (each, a “Warrant”). The principal amount of each Debenture is convertible into common shares of Spectra7 at the option of the holder at any time prior to the close of business on the last business day immediately preceding January 9, 2021 at a conversion price of $0.35 per common share, subject to adjustment upon certain customary events. Each Warrant entitles the holder thereof to acquire one common share of Spectra7 at an exercise price of $0.50 per common share until January 9, 2021, subject to adjustment upon certain customary events.

Spectra7 intends to use the net proceeds from this offering for the repayment of all secured indebtedness of Spectra7 and working capital to drive existing business, to develop blockchain data centres, and AR/VR solutions.

Aird & Berlis represented Spectra7 with a team comprised of Richard Kimel, Sherri Altshuler, Anne Miatello, Chris Berrigan, Liam Tracey-Raymont, Amy Marcen-Gaudaur (Capital Markets) and Barbara Worndl (Tax). 

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