On September 25, 2020, Spectra7 Microsystems Inc. (TSXV:SEV) closed the transaction. The company issued 16,677,920 units at a price of CAD 0.025 per unit to receive CAD 416,948 in its second and final tranche. The company paid CAD 5,250 finder's fees to arm’s length parties in the second tranche. The company has received CAD 943,121 in total in the transaction. An insider of the company participated in the second tranche for an aggregate amount of CAD 85,631. The transaction has been approved by all of the independent directors of the company. The company announced that TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 19 placees, including Ron Pasek, Independent Chairman of the Board of the company, who will subscribe for 8,862,840 units; Roger Maggs, an Independent Director in the company, who will subscribe for 1,087,520 units; Robert C. Dobkin, an Independent Director in the company and Kathleen C. Dobkin of Dobkin 2011 Living Trust, who will subscribe for 4,350,080 units; and a pro group for 2,700,000 units. An aggregate of CAD 6,750 in cash is paid to Canaccord Genuity Corp. and Richardson GMP Ltd. as finders' fees. The company received $113,095 (CAD 151,500.33) from 2 investors pursuant to Regulation D.