Spectra7 Microsystems Inc.

TSX VENTURE : SEV


Spectra7 Microsystems Inc.

April 23, 2014 18:49 ET

Spectra7 Announces Exercise of Over-Allotment Option

TORONTO, ONTARIO and PALO ALTO, CALIFORNIA--(Marketwired - April 23, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Spectra7 Microsystems Inc. (TSX VENTURE:SEV) ("Spectra7" or the "Company") is pleased to announce that it has received notice from Canaccord Genuity Corp., on behalf of itself and Global Maxfin Capital Inc., Mackie Research Capital Corporation and PI Financial Corp. (collectively, the "Agents") that the Agents have fully exercised their over-allotment option (the "Over-Allotment Option") to offer an additional 3,500,000 units of the Company (the "Over-Allotment Units") at a price of $0.30 per Over-Allotment Unit for gross proceeds to the Company of $1,050,000. The Over-Allotment Option was granted to the Agents in connection with the previously announced offering (the "Offering") of 23,333,333 units of the Company (the "Units") at a price of $0.30 per Unit for gross proceeds of $7,000,000. Assuming completion of the Over-Allotment Option in full, 26,833,333 Units in aggregate are being issued pursuant to the Offering for total gross proceeds of $8,050,000. The sale of the Over-Allotment Units is expected to close on or about April 28, 2014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States unless registered or an applicable exemption from the registration requirements is available.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented speed, resolution and signal fidelity to consumer and wireless infrastructure products. Spectra7's new system-level components address throughput bottlenecks and satisfy the exponential demand for more bandwidth and lower costs in mobile and internet infrastructure equipment, including handsets, tablets, base stations and microwave backhaul systems. Spectra7 is headquartered in Markham, Ontario with development centers in Silicon Valley, Irvine, California and Cork, Ireland. For more information, please visit www.spectra7.com.

Caution Regarding Forward-Looking Information

This press release may contain forward-looking statements with respect to Spectra7, its products and operations and the listing of the Common Shares and the Warrants. These statements generally can be identified by use of forward-looking words such as but are not limited to "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Spectra7 discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Short Form Prospectus of Spectra7 which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to Spectra7 and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Spectra7 has no obligation to update such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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