On May 30, 2024, Spectral Medical Inc. closed a bought deal private placement of approximately $8.5 million of convertible senior notes. The notes have a face value of US$1,000 per note, bear interest at 9% and are due on May 1, 2028. 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 $0.52 per share at any time prior to the maturity date of the notes.
The offering was conducted by Paradigm Capital Inc. as sole underwriter.
Cassels acted for Paradigm.