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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt/28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt/28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d)</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported): March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt/38pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECTRASCIENCE, INC.</B></P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Minnesota</B></P>
        <P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State of other jurisdiction <BR>
of incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>000-13092</B></P>
        <P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>41-1448837</B></P>
        <P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer <BR>
Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>11568-11 Sorrento Valley Road, San
Diego, CA 92121</B></P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)<FONT STYLE="letter-spacing: 36pt">&nbsp;</FONT>(Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number,
including area code: <B>(858) 847-0200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registration under any of the following provisions (<I>see</I>
General Instruction A.2. below):</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;1.01</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 15, 2012, SpectraScience, Inc. (the &ldquo;Company&rdquo;)
entered into subscription agreements (the &ldquo;Subscription Agreements&rdquo;) with 16 accredited investors (the &ldquo;Purchasers&rdquo;)
pursuant to which the Purchasers purchased an aggregate principal amount of $830,000 of 5% original issue discount unsecured convertible
debentures (the &ldquo;Debentures&rdquo;), initially convertible into shares of the Company&rsquo;s common stock at a conversion
price equal to $0.0573, subject to adjustment, together with five-year warrants (the &ldquo;Warrants&rdquo; and together with the
Debentures, the &ldquo;Securities&rdquo;) to purchase such number of shares of the Company&rsquo;s common stock equal to 50% of
the number of shares of common stock initially issuable upon conversion of the Debentures, at an exercise price equal to $0.0745
per share, subject to adjustment.&nbsp; The conversion price of the Debentures and the exercise price of the Warrants are subject
to customary adjustment provisions for stock splits, stock dividends, recapitalizations and the like.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities were offered and sold through a placement agent
(the &ldquo;Placement Agent&rdquo;) on a best efforts basis. The sales completed on March 15, 2012 represented the final closing
on the offering conducted through the Placement Agent. The Company paid the Placement Agent a cash fee&nbsp;and will issue the
Placement Agent or its designees warrants to purchase&nbsp;shares of its common stock at $0.0745 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Subscription Agreements contain certain customary subscriber
and Company representations and warranties, and certain risk factors related to the private placement and the Company. The Subscription
Agreements also provide that until the one year anniversary of the final closing, in the event of a subsequent financing (except
for certain exempt issuances as provided in the Subscription Agreements) by the Company, each subscriber will have the right to
participate in such subsequent financing up to an amount equal to the subscriber&rsquo;s proportionate share of the subsequent
financing based on such subscriber&rsquo;s participation in the private placement on the same terms, conditions and price provided
for in the subsequent financing. The Subscription Agreements also provide that for as long as the Debentures are outstanding, if
the Company effects a subsequent financing, the subscriber may elect, in its sole discretion, to exchange all, but not less than
all, of the Securities then held by Subscriber for any securities issued in a subsequent financing on a $1.00 for $1.00 basis based
on the outstanding principal amount of the Debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Debenture provides that the Company will pay interest to
the holder at an interest rate of 20% per annum on principal being converted on any voluntary conversion date (as to that principal
amount then being converted), and on the maturity date of September 15, 2012. The Company may pay principal and interest due either
in cash or, at its option, in shares of its common stock, each at a conversion price equal to $0.0573. Each Debenture also contains
certain customary negative covenants and events of default, including the Company&rsquo;s failure to pay principal and interest,
material defaults under the other transaction documents, bankruptcy, and the Company&rsquo;s failure to deliver common stock certificates
after a conversion date. Finally, each Debenture provides that, to be effective, any action taken pursuant to the Debentures, including
but not limited to amendments, waivers or declaration of defaults (which shall accelerate payment of principal, interest, and all
other amounts owing on each Debenture), requires the affirmative consent of holders of 25% in outstanding aggregate principal amount
of Debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Warrants are exercisable at an exercise price equal to $0.0745
per share until the Warrant termination date of March 15, 2017. The Warrants contain a cashless exercise provision. In the event
the Purchasers exercise the Warrants on a cashless basis, the Company will not receive any proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities were offered and sold to subscribers in reliance
upon exemptions from registration pursuant to Section 4(2) under the Securities Act of 1933, as amended, and Rule 506 promulgated
thereunder. &nbsp;Each of the persons and/or entities receiving the Securities represented itself as an accredited investor (as
defined by Rule 501 under the Securities Act of 1933, as amended). The Securities referred to herein have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the material terms of the Subscription
Agreements and Securities does not purport to be a complete description of the rights and obligations of the parties thereunder
and is qualified in its entirety by reference to the full text of the form of Subscription Agreement entered into with each subscriber,
which will be filed as an exhibit to the Company&rsquo;s annual report on Form 10-K, the form of Debenture, which was filed as
Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed January 30, 2012, and the form of Warrant, which was filed
as Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K filed January 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;2.03</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION&nbsp;&nbsp;&nbsp;&nbsp; <BR>
UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in response to Item&nbsp;1.01 of this
Form 8-K is incorporated by reference in response to this Item&nbsp;2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;3.02</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">UNREGISTERED SALES OF EQUITY SECURITIES</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in response to Item&nbsp;1.01 of this
Form 8-K is incorporated by reference in response to this Item&nbsp;3.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold">ITEM&nbsp;7.01</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">REGULATION FD DISCLOSURE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in response to Item&nbsp;1.01 of this
Form 8-K is incorporated by reference in response to this Item&nbsp;7.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>Dated: March 16, 2012</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">SPECTRASCIENCE, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 37%; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;Jim Dorst</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jim Dorst</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:&nbsp;</TD>
    <TD> Chief Financial Officer and <BR>
Chief Operating Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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{"company-data": {"conformed-name": "SPECTRASCIENCE INC", "cik": "0000727672", "assigned-sic": "3845", "irs-number": "411448837", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13092", "film-number": "12695776"}, "business-address": {"street1": "11568 SORRENTO VALLEY ROAD", "street2": "SUITE 11", "city": "SAN DIEGO", "state": "CA", "zip": "92121", "phone": "(858) 847-0200"}, "mail-address": {"street1": "11568 SORRENTO VALLEY ROAD", "street2": "SUITE 11", "city": "SAN DIEGO", "state": "CA", "zip": "92121"}, "former-company": [{"former-conformed-name": "GV MEDICAL INC /MN", "date-changed": "19931119"}, {"former-conformed-name": "GV MEDICAL INC", "date-changed": "19920703"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): March 15, 2012
SPECTRASCIENCE, INC.
(Exact name of registrant as specified
in its charter)
Minnesota
(State of other jurisdiction
of incorporation)
000-13092
(Commission File Number)
41-1448837
(I.R.S. Employer
Identification No.)
11568-11 Sorrento Valley Road, San
Diego, CA 92121
(Address of principal executive offices)
(Zip
Code)
Registrant's telephone number,
including area code:
(858) 847-0200
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registration under any of the following provisions (
see
General Instruction A.2. below):
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 15, 2012, SpectraScience, Inc. (the "Company")
entered into subscription agreements (the "Subscription Agreements") with 16 accredited investors (the "Purchasers")
pursuant to which the Purchasers purchased an aggregate principal amount of $830,000 of 5% original issue discount unsecured convertible
debentures (the "Debentures"), initially convertible into shares of the Company's common stock at a conversion
price equal to $0.0573, subject to adjustment, together with five-year warrants (the "Warrants" and together with the
Debentures, the "Securities") to purchase such number of shares of the Company's common stock equal to 50% of
the number of shares of common stock initially issuable upon conversion of the Debentures, at an exercise price equal to $0.0745
per share, subject to adjustment.  The conversion price of the Debentures and the exercise price of the Warrants are subject
to customary adjustment provisions for stock splits, stock dividends, recapitalizations and the like.
The Securities were offered and sold through a placement agent
(the "Placement Agent") on a best efforts basis. The sales completed on March 15, 2012 represented the final closing
on the offering conducted through the Placement Agent. The Company paid the Placement Agent a cash fee and will issue the
Placement Agent or its designees warrants to purchase shares of its common stock at $0.0745 per share.
The Subscription Agreements contain certain customary subscriber
and Company representations and warranties, and certain risk factors related to the private placement and the Company. The Subscription
Agreements also provide that until the one year anniversary of the final closing, in the event of a subsequent financing (except
for certain exempt issuances as provided in the Subscription Agreements) by the Company, each subscriber will have the right to
participate in such subsequent financing up to an amount equal to the subscriber's proportionate share of the subsequent
financing based on such subscriber's participation in the private placement on the same terms, conditions and price provided
for in the subsequent financing. The Subscription Agreements also provide that for as long as the Debentures are outstanding, if
the Company effects a subsequent financing, the subscriber may elect, in its sole discretion, to exchange all, but not less than
all, of the Securities then held by Subscriber for any securities issued in a subsequent financing on a $1.00 for $1.00 basis based
on the outstanding principal amount of the Debentures.
Each Debenture provides that the Company will pay interest to
the holder at an interest rate of 20% per annum on principal being converted on any voluntary conversion date (as to that principal
amount then being converted), and on the maturity date of September 15, 2012. The Company may pay principal and interest due either
in cash or, at its option, in shares of its common stock, each at a conversion price equal to $0.0573. Each Debenture also contains
certain customary negative covenants and events of default, including the Company's failure to pay principal and interest,
material defaults under the other transaction documents, bankruptcy, and the Company's failure to deliver common stock certificates
after a conversion date. Finally, each Debenture provides that, to be effective, any action taken pursuant to the Debentures, including
but not limited to amendments, waivers or declaration of defaults (which shall accelerate payment of principal, interest, and all
other amounts owing on each Debenture), requires the affirmative consent of holders of 25% in outstanding aggregate principal amount
of Debentures.
The Warrants are exercisable at an exercise price equal to $0.0745
per share until the Warrant termination date of March 15, 2017. The Warrants contain a cashless exercise provision. In the event
the Purchasers exercise the Warrants on a cashless basis, the Company will not receive any proceeds.
The Securities were offered and sold to subscribers in reliance
upon exemptions from registration pursuant to Section 4(2) under the Securities Act of 1933, as amended, and Rule 506 promulgated
thereunder.  Each of the persons and/or entities receiving the Securities represented itself as an accredited investor (as
defined by Rule 501 under the Securities Act of 1933, as amended). The Securities referred to herein have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
The foregoing description of the material terms of the Subscription
Agreements and Securities does not purport to be a complete description of the rights and obligations of the parties thereunder
and is qualified in its entirety by reference to the full text of the form of Subscription Agreement entered into with each subscriber,
which will be filed as an exhibit to the Company's annual report on Form 10-K, the form of Debenture, which was filed as
Exhibit 4.1 to the Company's Current Report on Form 8-K filed January 30, 2012, and the form of Warrant, which was filed
as Exhibit 4.2 to the Company's Current Report on Form 8-K filed January 30, 2012.
ITEM 2.03
CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION
UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information set forth in response to Item 1.01 of this
Form 8-K is incorporated by reference in response to this Item 2.03.
ITEM 3.02
UNREGISTERED SALES OF EQUITY SECURITIES
The information set forth in response to Item 1.01 of this
Form 8-K is incorporated by reference in response to this Item 3.02.
ITEM 7.01
REGULATION FD DISCLOSURE
The information set forth in response to Item 1.01 of this
Form 8-K is incorporated by reference in response to this Item 7.01.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 16, 2012
SPECTRASCIENCE, INC.
By:
/s/ Jim Dorst
Jim Dorst
Its:
Chief Financial Officer and
Chief Operating Officer