Spectrascience Inc. (OTCPK:SCIE) announced that it will raise $1,000,000 in a round of funding on January 30, 2013. The company will issue convertible debt and warrants to purchase common stock as part of the transaction. The securities will be issued pursuant to Regulation D. Laidlaw & Company (UK) Ltd. will serve as a placement agent in the transaction and will receive $120,000 as sales commission.

On February 6, 2013, the company announced that it raised $54,737 in funding on best effort basis from two accredited investors. The company issued unsecured convertible debentures and warrants. Debentures issued in the first tranche will bear an interest of 16% per annum, will be convertible at $0.099 per share, and will mature on August 6, 2013. Warrants will be exercisable at $0.1287 per share until February 6, 2018. The company paid the agent a cash fee and warrants to purchase common shares at $0.1287 per share.

On February 22, 2013 and February 28, 2013, the company issued an additional $421,053 in funding from four accredited investors. The debentures shall be initially convertible by the investors at $0.0573. The company also issued warrants convertible into shares for the company at $0.0745 per share. The interest on the debentures shall be payable on the maturity date of August 22, 2013 or August 28, 2013, respectively. The warrants shall be exercisable till February 22, 2018 or February 28, 2018 respectively. The warrants contain a cashless exercise provision. The placement agent received a cash fee and warrants to purchase shares of its common stock at $0.0745 per share.

On March 12, 2013, the company received $273,684 in funding from six accredited investors. The debentures shall be initially convertible by the investors at $0.0573. The company also issued warrants convertible into shares for the company at $0.0745 per share. The debentures have maturity date of September 12, 2013. The warrants shall be exercisable till March 12, 2018. The warrants contain a cashless exercise provision. The placement agent received a cash fee and warrants to purchase shares of its common stock at $0.0745 per share.

On March 22, 2013, company received $105,263 in funding from a single accredited investor on best efforts basis. The debentures issued in this tranche will bear an interest of 16% per annum and will be convertible at $0.0573 per share. The debentures will mature on September 22, 2013. The warrants are exercisable at $0.0745 per share until March 22, 2018. The company paid a cash fee to the placement agent and will issue warrants to purchase shares of its common stock at $0.0745 per share.

As of March 31, 2013, the company issued $854,737 principal amount of convertible debentures for gross proceeds of $809,295 after deducting original issuance discount of $45,442. The company issued five-year common stock purchase warrants to acquire 7,458,437 shares to holders of the debentures and 2,237,531 similar warrants as compensation to Agents.