Spectra7 Microsystems Inc (SEV): Tech Spectra7 upsizes equity offerin...

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Friday, 10/15/2021 9:53:34 AM

Friday, October 15, 2021 9:53:34 AM

Tech

Spectra7 upsizes equity offering to C$12M
Oct. 15, 2021 9:51 AM ETSpectra7 Microsystems Inc. (SPVNF)By: Ravikash, SA News Editor
Spectra7 Microsystems (OTCQB:SPVNF) intends to increase the size of its previously announced brokered private placement to C$12M.
The company will issue ~9.1M common shares at C$1.32/share.
The company has granted the agent a 10% option to offer an additional ~909K shares for sale.
The net proceeds from are intended to be used for working capital to support revenue growth and for general corporate purposes.
"The additional working capital will enable us to further increase production at our semiconductor foundries and meet rising customer demand at this exciting inflection point for our Active Copper Cable solutions" said Spectra7 (OTCQB:SPVNF) CEO Raouf Halim.
"As customer orders continue to accelerate beyond the US$7.2 million reported at the start of the fourth quarter, our revenue visibility extends well into 2022," added Halim.
The offering is expected to close around Oct. 26.