New PP - Say hello to $0.55
ORIGINAL: POET Technologies Inc. Announces C$8 Million Bought Deal Financing
2018-03-12 08:54 ET - News Release
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, March 12, 2018 (GLOBE NEWSWIRE) -- POET Technologies Inc. (TSXV:PTK) (the “Company”) has entered into an agreement with Cormark Securities Inc. (the “Underwriter”) pursuant to which the Underwriter has agreed to purchase on a bought deal basis 14,545,500 units of the Company (the “Units”) at a price of C$0.55 per Unit, representing total gross proceeds of C$8,000,025 (the “Offering”). Closing is expected on or about March 21, 2018 and is subject to regulatory approval including that of the TSX Venture Exchange.
Each Unit will consist of one common share of the Company (each a "Share") and one-half of one common share purchase warrant (each whole common share purchase warrant a "Warrant"). Each full Warrant shall entitle the holder to purchase one Common Share at a price equal to C$0.75 for a period of 24 months following the closing of the Offering.
The Underwriter also has an option to purchase up to an additional 2,181,815 Units at the offering price (representing 15% of the Offering) on the Closing Date for market stabilization purposes and price to cover over-allotments for a period of 30 days after the date of Closing.
The net proceeds of the Offering will be used by the Company for general corporate matters.
The Units to be issued under this offering will be offered in accordance with the terms of a prospectus supplement to be filed in all provinces in Canada except Quebec and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and such other jurisdictions as may be agreed upon by the Company and the Underwriter.