On June 18, 2020, Spectral Medical Inc. closed a marketed public offering of 8,500,000 units at a price of $0.60 per unit for aggregate gross proceeds of $5.1 million. Each unit consisted of one common share and one-half of one common share purchase warrant of Spectral Medical, with each warrant entitling the holder thereof to acquire one common share at a price of $0.75 for a period of two years from the closing date.
The offering was conducted by Paradigm Capital Inc. as the agent.
Cassels acted for Paradigm Capital with a deal team that included Jay Goldman, Nancy Choi, David Gardos and David Singh (Securities) and Chris Norton (Tax).