News Article
POET Technologies closes $5 million private placement
The proceeds will fund the company's internal and third party development efforts necessary to complete the milestones required to enable the monetisation of the POET Technology
POET Technologies Inc. has announced the closing of its non-brokered private placement financing of 7,692,307 Units at a price of Canadian $0.65 per unit for proceeds of Canadian $5 million.
Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to acquire one additional common share of POET for a period of two years at an exercise price of Canadian $1.00 per share.
All of the securities issued pursuant to the private placement are subject to a hold period which expires on June 13th, 2014. No commission was payable with respect to this financing.
The proceeds will be used to fund the company's internal and third party development efforts necessary to complete the milestones required to enable the monetisation of the POET Technology.
The proceeds will also be used to cover general and administrative expenses, and working capital. The Canadian $5 million dollar placement strengthens POET's balance sheet to enable it to continue implementing its monetisation strategy to increase shareholder value.
Following the closing of the private placement there are currently 142,800,040 shares issued and outstanding.
Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to acquire one additional common share of POET for a period of two years at an exercise price of Canadian $1.00 per share.
All of the securities issued pursuant to the private placement are subject to a hold period which expires on June 13th, 2014. No commission was payable with respect to this financing.
The proceeds will be used to fund the company's internal and third party development efforts necessary to complete the milestones required to enable the monetisation of the POET Technology.
The proceeds will also be used to cover general and administrative expenses, and working capital. The Canadian $5 million dollar placement strengthens POET's balance sheet to enable it to continue implementing its monetisation strategy to increase shareholder value.
Following the closing of the private placement there are currently 142,800,040 shares issued and outstanding.
