Spectra7 Microsystems Inc. (TSX:SEV) announced a non-brokered private placement of up to 116,666,667 units at CAD 0.03 per unit for gross proceeds of up to CAD 3,500,000 on December 30, 2020. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of CAD 0.05 per share for a period of five years from the date of issuance, subject to adjustment upon certain customary events. The expiry date of the warrants can be accelerated by the company at any time following the date that is 4 months and one day after closing of the transaction and prior to the expiry date of the Warrants if the closing price of the common shares on the TSX Venture Exchange is greater than CAD 0.08 for any 10 non-consecutive trading days. The transaction will be completed in one or more tranches. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.