PALO ALTO, CALIFORNIA and TORONTO, ONTARIO — (Marketwired) — 03/31/15 — (TSX VENTURE: SEV) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”) today announced that since January 1, 2015, it has received proceeds of approximately Cdn.$8.7 million as a result of the exercise of approximately 19.5 million previously issued common share purchase warrants and broker warrants. The Company intends to use the proceeds of the warrant exercises for general working capital purposes.
The warrants were issued in connection with the Company–s public offering of units completed in March and April 2014 and were set to expire on March 28, 2015. The exercise prices of the warrants and broker warrants were $0.45 and $0.30 per share, respectively. As of the expiry date, 99.3% of the warrants and 100% of the broker warrants had been exercised.
“This infusion of equity indicates that investors are confident in the future of Spectra7. The proceeds received will allow the Company to move quickly and take advantage of the opportunities we are seeing across multiple vertical markets including virtual reality, consumer and industrial interconnects” said Tony Stelliga, CEO of Spectra7.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company–s future financial position and results of operations, strategy, proposed acquisitions, 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 which are made in good faith and reflect the Company–s current judgment regarding the direction of the business. These statements and assumptions 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. 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.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance consumer connectivity company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading consumer electronics manufacturers in virtual reality, wearable computing and ultra-HD 4K/8K displays. Spectra7 is based in Palo Alto, California with design centers in Markham, Ontario and Cork, Ireland. For more information, please visit .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Spectra7 Microsystems Inc.
Sean Peasgood
Investor Relations
416-565-2805
Spectra7 Microsystems Inc.
Rober Bosomworth
Chief Financial Officer
905-480-9109
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