representative work

Cassels Represents Paradigm Capital in Spectral Medical’s $10.8 Million Public Offering and Concurrent Private Placement


On November 2, 2022, Spectral Medical Inc. closed a marketed public offering of 10,061,250 units at a price of C$0.40 per unit and concurrent private placement of US$5 million of convertible senior notes for aggregate gross proceeds of approximately C$10.8 million. Each unit was comprised of one common share and one-half of one common share purchase warrant of Spectral Medical, with each whole warrant entitling the holder thereof to acquire one common share at a price of C$0.48 for a period of three years from the closing date. The notes have a face value of US$1,000 per note, bear interest at 7% and are due on November 1, 2026. Holders of the notes may convert all or any portion of the notes in integral multiples of US$1,000 principal amount at a conversion price of approximately US$0.35 per share at any time prior to the maturity date of the notes.

The offering was conducted by Paradigm Capital Inc. as sole agent.

Cassels acted for Paradigm.

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