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Spectra7 Provides Update on Private Placement

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(TSXV:SEV) Spectra7 Microsystems Inc. (Spectra7 or the Company), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, announces that it expects to complete the second and final tranche of its previously announced $1,000,000 non-brokered private placement (the Private Placement) of up to 40,000,000 units (Units) on or before August 21, 2020. The first tranche of the private placement closed on July 15 and consisted of the issuance of 21,046,904 Units for gross proceeds of $526,173.

Each Unit consists of one common share in the capital of the Company (each, a Common Share) and one-half of one common share purchase warrant (each whole warrant, a Warrant) with each Warrant being exercisable into one Common Share at an exercise price of $0.05 for a period of five years from the date of issuance, subject to adjustment upon certain customary events. The expiry date of the Warrants can be accelerated by the Company at any time following the date that is 4 month and one day after closing of the Private Placement and prior to the expiry date of the Warrants if the closing price of the Common Shares on the TSX Venture Exchange (the Exchange) is greater than $0.08 for any 10 non-consecutive trading days.

The net proceeds from the Private Placement are intended to be used for working capital, research and development, the payment of the interest on its outstanding convertible debentures and general corporate purposes.

All dollar amounts in this news release are denominated in Canadian dollars.

The closing of the Private Placement is subject to the approval of the Exchange.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland. For more information, please visit www.spectra7.com.

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

CAUTIONARY NOTES

Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Private Placement and the intended use of proceeds thereof, and the Companys strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company’s Annual Information Form for the year ended December 31, 2019. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Spectra7 Microsystems Inc.

James Bergeron

Investor Relations

289-512-0541

ir@spectra7.com

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