- Completed its previously announced brokered private placement (the “Placement”) of 14,706,000 units of the Company (the “Units”) at a price of $0.85 per Unit (the “Issue Price”) for gross proceeds of approximately $12.5 million.
- Founder and former chairman of Origin House, Marc Lustig was the lead participant in the Placement.
TORONTO, Feb. 11, 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, announces that it has completed its previously announced brokered private placement (the “Placement”) of 14,706,000 units of the Company (the “Units”) at a price of $0.85 per Unit (the “Issue Price”) for gross proceeds of approximately $12.5 million. Founder and former chairman of Origin House, Marc Lustig was the lead participant in the Placement.
Cormark Securities Inc. acted as lead agent together with a syndicate of agents that included IBK Capital Corp. and PI Financial Corp. (collectively, the “Agents”). The Agents exercised in full an option (the “Agents’ Option”) for the purchase of an additional 2,941,200 Units on the same terms. Gross proceeds from the exercise of the Agents’ Option were approximately $2.5 million bringing the aggregate proceeds raised from the Placement to approximately $15.0 million from the issuance of the cumulative 17,647,200 Units.
Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share at a price of $1.15 per Common Share for a period of 24 months from the issuance date thereof. The Warrants are subject to an accelerated expiry, exercisable at the option of the Company, if, on or following the date that is four months and one day after the date of issuance of the Units and prior to the expiry date of the Warrants, the daily volume weighted average trading price of the Common Shares exceeds $2.30 for ten consecutive trading days. The Issue Price represents a discount of 5.5% of the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (“TSXV”) for the 5 trading days ended immediately prior to the announcement of the Placement on January 26, 2021.
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