Spectra7 Microsystems Inc V.SEV

Looks like they sold the Debenture contract

[tradersam99]

and for a MUCH better deal than earlier suggested... It would seem the MM Asset, and MMCAP think these convertible debentures are worth a LOT more than .05
:

As at the end of October, 2020, MM Asset, on behalf of MMCAP, exercised control and direction over: (a) aggregate principal amount of $8,980,000 of 7% senior unsecured convertible debentures (“Debentures”) maturing on January 9, 2021 (the “Maturity Date”), each Debenture is convertible at the option of the holder into Shares prior to the Maturity Date at a conversion price of $0.35 per Share; and (b) 13,509,000 common share purchase warrants (“Warrants”), each Warrant is exercisable for one Share at a price of $0.50 per Share prior to January 9, 2021, representing approximately 6.19% of the Issuer’s 593,191,207 outstanding Shares as reported by the Issuer in its Management’s Discussion & Analysis dated August 28,2020 and press release dated September 25, 2020, calculated on a partially diluted basis.

[tradersam99]

This is probably part of the deal to extend the contratc by 18 months. MM Asset will likely be the 67% holder tha is approving the extension for the extrat 10% consideration. That means they will stil get the much lower .05 per share conversion, But it is very good news as it means that Spectra7 got the deal done, now the ABL can proceed. All in all, very bright outlook going forward

[ACCMAN]

trader, do you have a link please

[jimmer10]

Look back at the Alternateive Monthly Report filed on Sedar at Feb 12, 2018.  Nothing changed...no sale of anything.  MMCAP still own this debt, same amount...same terms. Term sheet by S7 hasn't been finalized or approved. Nothing approved by TSX or 66% of the debenture holders (which is MMCAP).   S7 still isn't in the financial clear yet.  Power is still in MMCAPs

[Spectra7]

thanks for the input jimmer10. Cheers S7

[CAinPlap]

Not a fan of MMCAP. They are just as likley to short us into oblivion than support us.

[SteveSchiets]

Yes the filing is just a revail of MM asset management. Confirmed by IR

[Spectra7]

thanks for the confirmation. Cheers S7