/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 and PALO ALTO, CA, March 5, 2014 /CNW/ - (TSX-V:SEV) Spectra7 Microsystems Inc. ("Spectra7" or the "Company") today announced that it has commenced a best efforts public offering of units (the "Units"), each Unit consisting of one common share and one common share purchase warrant (the "Offering"). The pricing and number of Units as well as the exercise price and duration of the warrants will be determined in the course of marketing.
Canaccord Genuity Corp. is acting as lead agent and sole book-running manager for the Offering on behalf of a syndicate including Global Maxfin Capital Inc., Mackie Research Capital Corporation and PI Financial Corp. The proposed Offering is subject to customary conditions, including the approval of the TSX Venture Exchange ("TSX-V"), and there can be no assurance as to whether or when the proposed Offering may be completed, or as to the actual size or terms of the Offering. The Company has applied to list the warrants on the TSX-V.
The proposed Offering will be made by way of a short form prospectus in each of the provinces of Canada, except Quebec. An electronic copy of the preliminary short form prospectus is available at www.sedar.com.
The net proceeds of the Offering are expected to be used for general corporate purposes, working capital and the balance to fund growth of the Company's product development, engineering, marketing and sales capabilities, and for strategic growth opportunities.
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, or any state securities laws and may not be offered or sold in the United States unless registered 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 speed, resolution and signal fidelity to consumer and wireless infrastructure products. Spectra7's new system-level components address throughput bottlenecks and satisfy the exponential demand for more bandwidth and lower costs in mobile and internet infrastructure equipment, including handsets, tablets, base stations and microwave backhaul systems. In June 2013, Spectra7 was identified by CIBC World Markets as one of the hottest technology companies. Spectra7 is headquartered in Markham, Ontario with development centers in Silicon Valley, Irvine, California and Cork, Ireland. For more information, please visit www.spectra7.com.
Caution Regarding Forward-Looking Information
This press release may contain forward-looking statements with respect to Spectra7, its products and operations and the contemplated financing. These statements generally can be identified by use of forward-looking words such as but are not limited to "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Spectra7 discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in Spectra7's Annual Information Form for the year ended December 31, 2012 and preliminary short form prospectus dated March 4, 2014 which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to Spectra7 and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Spectra7 has no obligation to update such statements.
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.
SOURCE: Spectra7 Microsystems Inc.
For further information: