Post by
tradersam99 on Dec 14, 2020 5:39pm
From SEDAR. Nothing about Dec. 16
Spectra7 Announces Term Sheet to Amend and Extend Convertible Debentures SAN JOSE, Calif.--(BUSINESS WIRE)--October 30, 2020--(TSX-V:SEV) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced that it has entered into a term sheet with a requisite percentage of debenture holders setting out the Company’s intention to amend certain terms of its existing $12.775 million 7% unsecured convertible debentures (the “Debentures”) due to mature in January 2021. All dollar amounts referenced in this release are in Canadian dollars. Pursuant to the term sheet, the maturity date of the Debentures is to be extended 18 months from January 9, 2021 to July 9, 2022, subject to adjustment, and the conversion price of the principal amount of the Debentures is to be reduced from $0.35 per common share to $0.05 per common share. In consideration for the amendments, the Company has agreed to increase the outstanding principal obligations of the Debentures by 10%. The interest rate on the Debentures is not being amended. The term sheet also provides that the Debentures shall be amended to allow the Company to conduct patent sales or patent secured debt financings without approval of the debentureholders provided that the Company uses 50% of the net proceeds received from such sales or debt financings towards the pro rata repayment of the principal amount of the Debentures and accrued and unpaid interest on such amount with the remaining 50% applied to working capital of the Company. Finally, the Debentures shall be amended to include a make-whole interest payment to the maturity date for Debentures that are converted prior to maturity. The amendments to the Debentures are subject to approval by the TSX Venture Exchange and formal approval of holders of greater than 66 2/3% of the outstanding Debentures. The Company shall issue a further release once the amendments have been finalized and approved.
Comment by
WonderNews2 on Dec 14, 2020 5:49pm
You need to dig deeper, not the PR, the actual filling.
Comment by
tradersam99 on Dec 14, 2020 7:19pm
Well? I did the digging deeper...and...nothing. So WGERE is the filing you are referring to?
Comment by
13X2413 on Dec 14, 2020 10:52pm
Crickets. That's what you hear when you can't back up what you say. ;)
Comment by
Spectra7 on Dec 15, 2020 9:02am
What a fitting statement to describe exactly how the company and management team has delivered ...FOR YEARS!!! TICK,TICK,TICK S7