Spectral Medical Inc Closes $10 Million Bought Deal Financing

Spectral Medical Inc, (TSX:EDT,OTCQX:EDTXF) has closed its previously announced bought deal financing pursuant to which it sold 14,300,000 common shares of the company to a syndicate of underwriters led by Cormark Securities Inc, from the treasury of the Company at a price of $0.70 per share. The Shares were offered in each of the provinces of Canada, except Québec, by way of short form prospectus. The company raised aggregate gross proceeds of $10,010,000 under the offering, which will be used for the completion of the company’s EUPHRATES clinical trial, the commercialization of the company’s PMX device and for general corporate purposes.
According to the press release:

Under the terms of the Offering, the Company has granted the Underwriters an option (“Over-Allotment Option“) to purchase up to an additional 2,145,000 Shares from the Company at the Offering Price, exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any. Under the Offering, the Company has also issued to the Underwriters 858,000 broker warrants totaling 6% of the number of Shares sold pursuant to the Offering. Each broker warrant entitles the holder thereof to acquire one Share at a price equal to the Offering Price for a period of 24 months from closing of the Offering.

Click here to view the full press release.