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SPECTRA7 MICROSYSTEMS INC T.SEV
Alternate Symbol(s): SPVNF
Technology Semiconductor Equipment & Materials
"Spectra7 Microsystems Inc manufactures semiconductor, targeting large, high growth markets in virtual reality (\"VR\"), augmented reality (\"AR\"), data centers, and consumer connectivity."
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News.
Spectra7 Announces Closing of $15.3 Million Bought Deal Financing
Strategic Investment of $2 Million by Global Blockchain Technologies
TORONTO, ONTARIO--(Marketwired - Jan. 9, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Spectra7 Microsystems Inc. (TSX:SEV) ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, is pleased to announce that it has closed its previously announced bought deal offering of 15,315 units ("Units") of the Company at a price of $1,000 per Unit for aggregate gross proceeds of $15,315,000 (the "Offering"), which included the partial exercise of the over-allotment option granted to the Underwriter (as defined herein) for 315 Units. The Offering was underwritten by Canaccord Genuity Corp. (the "Underwriter"). As part of the Offering, Global Blockchain Technologies Corp. (TSX VENTURE:BLOC)(FRANKFURT:BWSP)(OTC:BLKCF) ("GBT") invested approximately $2 million.
"We're pleased at the supportive response from the investment community," said Spectra7 CEO Raouf Halim. "We'd like to thank current and new investors for their participation. We'd also like to thank GBT for their strategic investment, and we look forward to leveraging their expertise as we enter the blockchain vertical."
Each Unit issued pursuant to the Offering consists of one 7.0% senior unsecured convertible debenture of the Company (each, a "ConvertibleDebenture") and 1,425 common share purchase warrants (each, a "Warrant"). The principal amount of each Convertible Debenture is convertible into common shares of the Company ("Common Shares") at the option of the holder at any time prior to the close of business on the last business day immediately preceding the Maturity Date (as defined herein), at a conversion price of $0.35 per Common Share, subject to adjustment upon certain customary events. The Convertible Debentures shall mature on January 9, 2021 (the "Maturity Date"). Holders converting their Convertible Debentures will receive accrued and unpaid interest thereon for the period from and including the date of the latest interest payment date to, but excluding, the date of conversion. Each Warrant will entitle the holder to acquire one Common Share at a price of $0.50 per Common Share until January 9, 2021, subject to adjustment upon certain customary events.
In consideration for the services provided by the Underwriter, the Company paid a cash commission and issued an aggregate of 3,063,000 non-transferable compensation options (the "Compensation Options") to the Underwriter. The Compensation Options are exercisable into Common Shares at a price $0.35 per Common Share until January 9, 2020.
The net proceeds from the Offering will be used for the repayment of all secured indebtedness of the Company and working capital to drive existing business, to develop blockchain data centres, and AR/VR solutions.
The Offering is subject to final acceptance of the Toronto Stock Exchange ("TSX"). The TSX has conditionally accepted the Offering and the listing of the Convertible Debentures. It is expected that the Convertible Debentures will commence trading on the TSX under the symbol "SEV.DB.A" on Tuesday, January 9, 2018.
In connection with the Offering, GBT made a strategic investment in the Company in the amount of approximately $2 million. Although GBT has no obligation beyond making an investment in the Company, management of the Company believes that GBT will be a strategic partner, given management of GBT's knowledge of blockchain technology and synergies with GBT's investee companies across its portfolio.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with design centers in Markham, Ontario, Cork, Ireland, and Little Rock, Arkansas. For more information, please visit www.spectra7.com.
