POET - POET Technologies Announces Non-Brokered Private Placement | Benzinga
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TORONTO, Dec. 11, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Corporation") (TSXV:PTK, NASDAQ:POET) is pleased to announce that it is undertaking a non-brokered private placement of up to 4,098,360 units of the Corporation (the "Units") at a price of C$1.22 (US$0.90) per Unit, for aggregate gross proceeds of up to approximately C$5.0 million (US$3.7 million) (the "Offering"). Each Unit will be comprised of one common share of the Corporation (each, a "Common Share") and one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of C$1.52 (US$1.12) per Common Share for a period of five years following the date of issuance of such Warrant. The net proceeds of the Offering are expected to be used for general corporate purposes, including revenue expansion and the development and production of photonic modules for AI and related markets.
The intended purpose of the Offering is to raise additional capital for the Company while providing investors in Canada with terms that are similar to those offered in the Company's recently completed public offering in the United States.
In connection with the Offering, the Corporation intends to enter into binding subscription agreements with individual accredited investors at a minimum investment amount of C$10,000.
The Corporation may conduct multiple closings at its discretion with the final closing of the Offering is expected to take place on or around January 15, 2024. Closing of the Offering is subject to the satisfaction or waiver of a number of customary closing conditions, including the approval of the TSX Venture Exchange ("TSXV"). The securities issued pursuant to the Offering ...