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SERVICES OR DISSEMINATION IN THE UNITED
STATES
TORONTO,
Dec. 29,
2023 /CNW/ -- Spectra7 Microsystems Inc.
(TSXV: SEV) (OTCQB: SPVNF) ("Spectra7" or the
"Corporation"), a leading provider of high-performance
analog semiconductor products for broadband connectivity markets,
is pleased to announce that it intends to issue an aggregate of
185,682 common shares in the capital of the Corporation (the
"Common Shares") at a deemed issuance price of $0.405 per Common Share to settle in full
$75,207 in interest owing (the
"Interest Payment") to the holders of its outstanding 9.0%
unsecured convertible debentures (the "Debentures"). Unless
otherwise indicated, all dollar amounts in this press release are
expressed in Canadian dollars.
The Debentures were issued on September
14, 2023 and bear interest at a rate of 9.0% per annum,
payable semi-annually in arrears on the last business day of June
and December. The interest obligation may be satisfied either in
cash or in Common Shares, at the Corporation's option.
All Common Shares issued in connection with the Interest Payment
are issued in reliance on certain prospectus exemptions available
under securities legislation and are subject to a four month
statutory hold period.
Pursuant to Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"), the Interest Payment constitutes a "related party
transaction" as related parties of the Corporation hold Debentures.
The Corporation is relying on exemptions from the formal valuation
and minority approval requirements of MI 61-101, as the fair market
value of the Common Shares issued in the Interest Payment does not
exceed 25% of the Corporation's market capitalization. The Interest
Payment was approved by all of the independent directors of the
Corporation. The Interest Payment remains subject to final
acceptance by the TSX Venture Exchange.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high-performance analog
semiconductor company delivering unprecedented bandwidth, speed and
resolution to enable disruptive industrial design for leading
electronics manufacturers in virtual reality, augmented reality,
mixed reality, data centers and other connectivity markets.
Spectra7 is based in San Jose,
California with a design center in Cork, Ireland and a technical support location
in Dongguan, China. For more
information, please visit www.spectra7.com.
Contacts:
Matt Kreps
Darrow
Associates Investor Relations
214-597-8200
mkreps@darrowir.com
Spectra7 Microsystems Inc.
Dave Mier
Interim Chief Financial Officer
925-859-7011
ir@spectra7.com
CAUTIONARY NOTES
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, those relating to the Corporation's intention
to make the Interest Payment in Common Shares and to obtain the
approval of the TSX Venture Exchange, and the Corporation's
strategy, plans, objectives, goals and targets, and any statements
preceded by, followed by or that include the words "believe",
"expect", "aim", "intend", "plan", "continue", "will", "may",
"would", "anticipate", "estimate", "forecast", "predict",
"project", "seek", "should" or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Corporation's
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements. Additional factors that could cause actual results,
performance or achievements to differ materially include, but are
not limited to the risk factors discussed in the Corporation's
management's discussion and analysis for the year ended
December 31, 2022. Management
provides forward-looking statements because it believes they
provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Corporation. These
forward-looking statements are made as of the date of this press
release and the Corporation assumes no obligation to update or
revise them to reflect subsequent information, events or
circumstances or otherwise, except as required by law.
Neither the TSXV nor its Regulation Service Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Spectra7 Microsystems Inc.