11:25 AM EDT, 06/14/2024 (MT Newswires) -- Spectra7 Microsystems ( SPVNF ) , an analog semiconductor company, on Thursday said it closed the second tranche of a non-brokered private placement, raising about $1.8 million.

The company issued 18.3-million units to institutional investors and other investors priced at C$0.10.

The total gross proceeds from the two tranches of the private placement is about $12.6 million. Net proceeds will be used for working capital and general corporate purposes.

Each warrant entitles the holder to purchase either one common share or, if the share ownership threshold would be exceeded as a result of the exercise of their warrants, one pre-funded warrant, at an exercise price of $0.11 per common share or pre-funded warrant until June 13, 2029.

Each pre-funded warrant entitles the holder to purchase one common share for a nominal amount subject to compliance with the share ownership thresholds. The pre-funded warrants do not expire.

Spectra7's shares were last seen down $0.005 to $0.125 on the TSX Venture Exchange.

Price: 0.13, Change: -0.01, Percent Change: -3.85