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Spectral Announces Closing Of $1,000,000 Private Placement

Spectral Capital Corporation, (FCCN.QB) (F3SN: SG, BE) announced today that has closed a financing of $1,000,000 USD, paving the way for the Company's continued expansion into the emerging growth technology sector.

'Less than 2 weeks ago, we acquired the Noot mobile search technology to form the flagship company within Spectral's growing portfolio of high impact technology companies. We are pleased that we were able to close a significant private placement to fund the near term development of Noot within such a short period of time. This financing is a real vote of confidence in us by the financial markets and investors who follow our company. We look forward to taking advantage of the improving capital markets situation and Spectral's momentum to continue growing the company as an emerging technology leader,' announced Spectral CEO Jenifer Osterwalder.

Spectral received total proceeds of $1,000,000 USD on March 7, 2012 for which it issued 1,650,000 restricted common shares in Spectral at $0.65 per share, along with an equal number of shares as warrants at $0.80 for a two year period. The shares do not have registration rights or other preferences. The transaction was non-brokered and no commissions were paid. The use of proceeds of the financing will be for general corporate purposes and to fund various technology ventures currently in development or planned over the next 12 months.

The foregoing securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the '1933 Act') or any applicable state securities laws and were not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Stock quotes in this article: FCCN 

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