Xtract One Technologies Inc. T.XTRA

Alternate Symbol(s): XTRAF | T.XTRA.WT

Technology Information Technology Services

Xtract One Technologies Inc. is a Canada-based technology-driven threat detection and security solution provider, leveraging artificial intelligence (AI) to provide secure patron access control experiences. The Company's segments include Platform and Xtract. The Platform segment develops and commercializes a platform of AI-powered threat detection technologies. The Xtract segment develops and commercializes advanced artificial intelligence solutions for customers. Its products include SafeGateway, SmartGateway and Xtract One View. Its Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based software allows venue and building operators to identify weapons and other threats inside and outside of facilities and receive intelligence for optimizing operations. Xtract One View, the Company's cloud-based platform, provides oversight of its customers entire fleet of Xtract One SmartGateways from one interface.

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Xtract One Technologies Inc. > Financing Closed

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Comment by Yajneon Mar 17, 2022 11:58am

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Post# 34522165

RE:Financing Closed

I like how this financing was done, quickly and not the usual discount to market. Keep in mind there should be another $8million available soon "subject to adjustment in certain events". Just a guess, but the IMO they have included a 'forced conversion' clause if the sp stays above a certain price for a period of time, for example $1 for 10 consecutive trading days (only intended as an example). If such a forced conversion clause was included, this is also very a good move on behalf of Peter and his team.

kidl2 wrote:
Patriot One Technologies closes $6.44-million financing

Patriot One Technologies Inc (C:PAT)
Shares Issued 151,678,622
Last Close 3/16/2022 $0.52
Thursday March 17 2022 - News Release

Mr. Peter Evans reports

PATRIOT ONE CLOSES PUBLIC OFFERING

Patriot One Technologies Inc. has closed the previously announced public offering conducted through Echelon Wealth Partners Inc. as sole agent and bookrunner.

Pursuant to the offering, the company issued 10,743,450 units at a price of 60 cents per unit, for total gross proceeds of $6,446,070. Each unit consists of a common share of the company and one common share purchase warrant. Each warrant is exercisable into one common share until March 17, 2025, at an exercise price of 75 cents, subject to adjustment in certain events.

In connection with the offering, the agent received a cash fee of $439,310 and 732,183 common share purchase warrants. Each agent's warrant is exercisable into one common share at an exercise price of 60 cents until March 17, 2024.

Patriot One intends to use the proceeds of the offering for working capital and general corporate purposes.

Insider participation

Certain directors and senior officers of the company participated in the offering by purchasing an aggregate of 148,400 units. Accordingly, the offering constituted to that extent a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by the company's directors and officers does not exceed 25 per cent of the market capitalization of the company in accordance with MI 61-101. The company did not file a material change report more than 21 days before the expected closing of the offering as the details of the offering and the participation therein by related parties of the company were not settled until shortly prior to closing and the company wished to close on an expedited basis for sound business reasons.

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