By Laura Lutz
Des Moines, Oct. 13 - Spectrum Signal Processing Inc. closed a private placement of units for $1,127,212.
The non-brokered placement included 1,610,303 units of one share and one quarter-share purchase warrant at $0.70 per unit. Each whole warrant is exercisable at $0.80 for 18 months.
Insiders of Spectrum purchased 212,003 of the units.
Proceeds will be used for working capital.
Spectrum is a Burnaby, B.C.-based supplier of software for defense electronics applications.
| Issuer: | Spectrum Signal Processing Inc.
|
| Issue: | Units of one share and one quarter-share purchase warrant
|
| Amount: | $1,127,212
|
| Units: | 1,610,303
|
| Price: | $0.70
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $0.80
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 13
|
| Stock symbol: | Nasdaq: SSPI
|
| Stock price: | $0.7499 at close Oct. 13
|
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