Spectral Medical Inc. Announces C$8.5 Million Bought Deal Convertible Note Financing
TORONTO, May 09, 2024 (GLOBE NEWSWIRE) -- Spectral Medical Inc. (TSX:EDT) (the "Company" or "Spectral"), is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (the "Underwriter"), in connection with a bought deal private placement consisting of the sale of 9% convertible notes of the Company (the "Convertible Notes") at a price of US$1,000 per Convertible Note due on May 1, 2028 (the "Maturity Date") for gross proceeds of approximately C$8.5 million (the "Offering"). The holders of the Convertible Notes may convert all or any portion of the Convertible Notes into common shares of the Company (the "Common Shares") at a conversion price of C$0.52 per Common Share, subject to customary anti-dilution adjustments and in integral multiples of US$1,000 principal amount at any time prior to the Maturity Date. The Convertible Notes are convertible into approximately 16.4 million Common Shares (or approximately 18.8 million Common Shares if the over-allotment option, as described below, is exercised in full), subject to customary anti-dilution and make whole fundamental change adjustments.
- TORONTO, May 09, 2024 (GLOBE NEWSWIRE) -- Spectral Medical Inc. (TSX:EDT) (the "Company" or "Spectral"), is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (the "Underwriter"), in connection with a bought deal private placement consisting of the sale of 9% convertible notes of the Company (the "Convertible Notes") at a price of US$1,000 per Convertible Note due on May 1, 2028 (the "Maturity Date") for gross proceeds of approximately C$8.5 million (the "Offering").
- The holders of the Convertible Notes may convert all or any portion of the Convertible Notes into common shares of the Company (the "Common Shares") at a conversion price of C$0.52 per Common Share, subject to customary anti-dilution adjustments and in integral multiples of US$1,000 principal amount at any time prior to the Maturity Date.
- The Convertible Notes are convertible into approximately 16.4 million Common Shares (or approximately 18.8 million Common Shares if the over-allotment option, as described below, is exercised in full), subject to customary anti-dilution and make whole fundamental change adjustments.
- The net proceeds from the Offering are expected to be primarily used by the Company on its Phase III registration trial (Tigris) for its PMX treatment for endotoxemic septic shock and for general corporate and working capital purposes.