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Cassels Brock Represents the Underwriter in Spectra7's $15.3 Million Bought Deal Financing

Published: 01/09/2018

Team: Andrea FitzGerald, Alexander Pizale, Matt Gold, Xi Chen, James G. Morand, Jason Arbuck

On January 9, 2018, Spectra7 Microsystems Inc. closed a bought deal offering of 15,315 units at a price of $1,000 per unit for aggregate gross proceeds of $15.3 million, which included the partial exercise of the over-allotment option granted to the underwriter for 315 units. Each unit consisted of one 7.0% senior unsecured convertible debenture and 1,425 common share purchase warrants. The principal amount of each convertible debenture is convertible into common shares at a conversion price of $0.35 per common share at any time prior to January 9, 2021. Each warrant entitles the holder to acquire one common share at a price of $0.50 until January 9, 2021. The offering was underwritten by Canaccord Genuity Corp.

Cassels Brock acted for Cannaccord with a deal team that included Andrea FitzGerald, Alex Pizale, Matt Gold and Xi Chen (Securities), Jim Morand (Tax) and Jason Arbuck (Financial Services).