Agoracom Blog

POET Technologies $PTK.ca $POETF Announces Upsize to Private Placement

Posted by AGORACOM-JC at 10:31 AM on Wednesday, January 27th, 2021
  • Agreed to increase the size of the Placement.
  • The Company will now issue up to 14,706,000 units from the treasury of the Company, at a price of $0.85 per Unit for total gross proceeds of up to approximately $12.5 million (the “ Placement ”).

TORONTO, Jan. 27, 2021 — POET Technologies Inc. (“ POET ” or the “ Company ”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, is pleased to announce that in connection with the private placement (the “ Placement ”) announced by the Company earlier today, the Company and a syndicate of agents led by Cormark Securities Inc., and including IBK Capital Corp. and PI Financial Corp. (collectively, the “ Agents ”), have agreed to increase the size of the Placement. The Company will now issue up to 14,706,000 units (the “ Units ”) from the treasury of the Company, at a price of $0.85 per Unit (the “ Issue Price ”) for total gross proceeds of up to approximately $12.5 million (the “ Placement ”).

In addition, the Company and the Agents have also agreed that the Agents shall have an option (the “ Agents’ Option ”) to purchase up to an additional 2,941,200 Units on the same terms, exercisable up until the time of closing of the Placement, for market stabilization purposes and to cover over-allotments, if any. If the Agents’ Option is exercised in full, an additional approximately $2.5 million will be raised and the aggregate proceeds of the Placement will be up to approximately $15.0 million.

In connection with the Placement, the Company will pay a cash commission to the Agents equal to 6.0% of the aggregate gross proceeds of the Placement and will issue broker warrants equal to 6.0% of the number of Units sold under the Placement, each exercisable to acquire one Common Share at the Issue Price for a period of 24 months from the closing date of the Placement.

Read More: https://agoracom.com/ir/POETTechnologies/forums/discussion/topics/754040-poet-technologies-announces-upsize-to-private-placement/messages/2300523#message

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