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Spectra7 (TSX:SEV) has announced the closing of the final tranche of its previously announced private placement of units. As quoted in the press release: The aggregate gross proceeds of the private placement, inclusive of the proceeds from the first tranche which closed on June 27, 2017 and $337,000 of subscriptions from the CEO and certain …
Spectra7 (TSX:SEV) has announced the closing of the final tranche of its previously announced private placement of units.
As quoted in the press release:
The aggregate gross proceeds of the private placement, inclusive of the proceeds from the first tranche which closed on June 27, 2017 and $337,000 of subscriptions from the CEO and certain directors of the Company, is $1.4 million. This closing follows the previously disclosed $4.6 million bought deal public offering of Units closed by the Company on June 27, 2017 for aggregate gross proceeds of $6.0 million. The net proceeds from the financings will be used for research and development and general corporate purposes.
“Along with our continuing efforts to reduce operating expenses and grow revenues, these financings strengthen our balance sheet and allow us to develop our next generation of products,” said Spectra7 CEO Raouf Halim. “In the meantime, the virtual, augmented, and mixed reality markets continue to adopt our technology, and the Company is experiencing strong market traction with data center operators.”
The Company continues to advance the sale of its non-core Television tuner/demodulator and RF patents. Currently there are multiple parties doing due diligence. Although we cannot guarantee that this sale will proceed or provide a timeline, our discussions with these potential purchasers suggests that the previously disclosed estimate of $4 million plus potential future royalties remains a good target value for these assets.
Click here to read the full press release.