Spectra7 Micro (TSE:SEV) has released an update.
Spectra7 Microsystems Inc. has successfully completed the first tranche of a non-brokered private placement, raising approximately $10.7 million through the issuance of over 107 million units. These units, available to institutional and insider investors, include warrants exercisable until 2029, with provisions for early expiry given certain market conditions. The funds from this private placement are earmarked for working capital and general corporate purposes, with the potential for additional tranches to reach a total of $24 million.
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