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
TORONTO, June 11, 2021 /CNW/ -- (TSXV:SEV) Spectra7
Microsystems Inc. ("Spectra7" or the "Company"), a
leading provider of high-performance analog semiconductor products
for broadband connectivity markets, is pleased to announce the
closing of the second tranche of its private placement (the
"Private Placement"). The second tranche of the Private
Placement, which was completed on a non-brokered basis, consisted
of the issuance of 27,766,668 units (the "Units") at a price
of $0.03 per Unit for gross proceeds
of $833,000. Together with the
first tranche, the Company has issued a total of 211,157,035 Units
in the Private Placement for gross proceeds of $6,334,711. All dollar amounts in this news
release are denominated in Canadian dollars.
Each Unit consists of one common share in the capital of the
Company (each, a "Common Share") and one common share
purchase warrant (each, a "Warrant") with each Warrant being
exercisable into one Common Share at an exercise price of
$0.05 until May 14, 2026, subject to adjustment upon certain
customary events. The expiry date of the Warrants can be
accelerated by the Company to the date that is thirty days
following the delivery of the acceleration notice to the holders of
the Warrants if, at any time following the date that is four months
and one day following the closing date of the Private Placement,
the closing price of the Common Shares is greater than $0.08 for a period of 10 non-consecutive trading
days on the TSXV.
The Company paid finder's fees totaling $31,785 and issued 759,500 finder's warrants
(each, a "Finder's Warrant") to arm's length parties in
connection with the second tranche of the Private Placement. Each
Finder's Warrant entitles the holder to purchase one Unit at a
price of $0.03 until May 14, 2023.
The net proceeds from the Private Placement are intended to be
used for working capital to support revenue growth, the payment of
interest on its outstanding convertible debentures and for general
corporate purposes.
All securities issued in the Private Placement are subject to
statutory and Exchange hold periods until the date that is four
months and one day from the date of issuance.
Annual and Special Meeting of Shareholders
The Company further announces that the 2021 Annual and Special
Meeting of Shareholders (the "Meeting") will be conducted
exclusively online by remote communication. This decision was made
in light of the coronavirus outbreak, public health concerns and
government-recommended and required limits on public gatherings and
to assist in protecting the health and safety of the Company's
shareholders and employees.
The Meeting will be held at 10:00 a.m.
Eastern Time on June 18, 2021
and will be conducted in a virtual format only. Shareholders will
not be able to attend the Meeting in person, however shareholders
of record as of the close of business on May
7, 2021 will be able vote and ask questions during the
meeting through the online platform.
Details on how to attend the Meeting are included in the
Company's notice of meeting and management information circular,
dated May 17, 2021, which are
available under the Company's page at www.sedar.com.
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 a design center in Cork, Ireland and technical support location
in Dongguan, China. For more
information, please visit www.spectra7.com.
Neither the TSX Venture Exchange nor its regulation services
provided (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY NOTES
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, those regarding the Private Placement and the
intended use of proceeds thereof, and the Company's strategy,
plans, objectives, goals and targets, and any statements preceded
by, followed by or that include the words "believe", "expect",
"aim", "intend", "plan", "continue", "will", "may", "would",
"anticipate", "estimate", "forecast", "predict", "project", "seek",
"should" or similar expressions or the negative thereof, are
forward-looking statements. These statements are not historical
facts but instead represent only the Company's expectations,
estimates and projections regarding future events. These statements
are not guarantees of future performance and involve assumptions,
risks and uncertainties that are difficult to predict. Therefore,
actual results may differ materially from what is expressed,
implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or
achievements to differ materially include, but are not limited to
the risk factors discussed in the Company's Management's Discussion
and Analysis for the year ended December 31,
2020. Management provides forward-looking statements because
it believes they provide useful information to investors when
considering their investment objectives and cautions investors not
to place undue reliance on forward-looking information.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements and
other cautionary statements or factors contained herein, and there
can be no assurance that the actual results or developments will be
realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, the Company. These
forward-looking statements are made as of the date of this press
release and the Company assumes no obligation to update or revise
them to reflect subsequent information, events or circumstances or
otherwise, except as required by law.
For more information, please contact:
Spectra7 Microsystems Inc.
Justin Leighton
Investor Relations
647-578-7996
ir@spectra7.com
Spectra7 Microsystems Inc.
David Mier
Chief Financial Officer
925-858-7011
pr@spectra7.com
SOURCE Spectra7 Microsystems Inc.