- Spectra7 Microsystems is increasing its non-brokered private placement of unsecured convertible debentures from $8 million to $9 million
- Each $1,000 principal amount of debentures will be sold at a subscription price of $980 for expected gross proceeds of up to $8,820,000
- The debentures mature on December 31, 2024
- The net proceeds from the offering will be used for the repayment of the existing convertible debentures and working capital
- Spectra7 is a high-performance analog semiconductor company
- Spectra7 Microsystems Inc. (SEV) is unchanged on the day, trading at C$0.95 per share at 11 am ET
Spectra7 Microsystems (SEV) is increasing its non-brokered private placement of unsecured convertible debentures from $8 million to $9 million.
Each $1,000 principal amount of debentures will be sold at a subscription price of $980 for expected gross proceeds of up to $8,820,000. The debentures mature on December 31, 2024 and the principal amount of each debenture will be convertible into common shares any time prior to the maturity date, at a conversion price of $1.02 per common share.
The net proceeds from the offering will be used for the repayment of the existing convertible debentures and working capital.
All securities issued are subject to a statutory four-month hold period.
The second tranche of the offering is expected to close on or before August 25, 2022.
Spectra7 is a high-performance analog semiconductor company. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China.
Spectra7 Microsystems Inc. (SEV) is unchanged on the day, trading at C$0.95 per share at 11 am ET.