POET Technologies Announces Non-Brokered Private Placement
November 18 2022 - 1:42PM
POET Technologies Inc. ("
POET" or the
"
Corporation") (TSXV: PTK; NASDAQ: POET) is
pleased to announce that it is undertaking a non-brokered private
placement of up to 1,798,561 units of the Corporation (the
"
Units") at a price of C$3.81 (US$2.78) per Unit,
for aggregate gross proceeds of up to approximately C$6.85 million
(US$5.0 million) (the "
Offering"). Each Unit will
be comprised of one common share of the Corporation (each, a
"
Common Share") and one-half of one Common Share
purchase warrant (each whole Common Share purchase warrant, a
"
Warrant"), with each Warrant entitling the holder
thereof to purchase one additional Common Share at a price of
C$4.95 (US$3.61) per Common Share for a period of three years
following the closing date of the Offering. The net proceeds of the
Offering are expected to be used for general corporate purposes.
In connection with the Offering, the Corporation
has entered into binding subscription agreements with certain
investors representing expected subscription proceeds totaling
approximately C$3.75 million (US$2.73 million). The Corporation is
in discussions with other potential investors and may accept
further subscriptions from other investors up to a total, when
combined with the existing C$3.75 million committed subscriptions,
of approximately C$6.85 million (US$5.0 million).
The closing of the Offering is expected to take
place on or around December 2, 2022. Closing of the Offering is
subject to the satisfaction or waiver of a number of customary
closing conditions, including the approval of the TSX Venture
Exchange ("TSXV"). The securities issued pursuant
to the Offering will be subject to applicable hold periods,
including the statutory four month hold period from the date of
closing of the Offering. In connection with the closing, the
Corporation may pay cash commissions and or finder's fees to
certain finders in respect of subscriptions received from certain
investors in connection with the Offering, subject to entering into
customary arrangements with such finders and subject to the
approval of the TSXV. Further information with respect to any such
commissions or fees will be provided at the time of closing.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any securities in the
United States or any other jurisdiction in which such offer,
solicitation or sale would be unlawful. No securities may be
offered or sold in the United States or in any other jurisdiction
in which such offer or sale would be unlawful absent registration
under the U.S. Securities Act of 1933, as amended, or an exemption
therefrom or qualification under the securities laws of such other
jurisdiction or an exemption therefrom.
About POET Technologies Inc.
POET Technologies is a design and development
company offering integration solutions based on the POET Optical
Interposer™ a novel platform that allows the seamless integration
of electronic and photonic devices into a single multi-chip module
using advanced wafer-level semiconductor manufacturing techniques
and packaging methods. POET's Optical Interposer eliminates costly
components and labor-intensive assembly, alignment, burn-in and
testing methods employed in conventional photonics. The
cost-efficient integration scheme and scalability of the POET
Optical Interposer brings value to any device or system that
integrates electronics and photonics, including some of the highest
growth areas of computing, such as Artificial Intelligence (AI),
the Internet of Things (IoT), autonomous vehicles and high-speed
networking for cloud service providers and data centers. POET is
headquartered in Toronto, with operations in Allentown, PA,
Shenzhen, China and Singapore. More information may be obtained at
www.poet-technologies.com.
Shareholder Contact: Shelton GroupBrett L.
Perrysheltonir@sheltongroup.com |
Company Contact: Thomas R. Mika, EVP &
CFOtm@poet-technologies.com |
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Cautionary Note Regarding Forward-Looking
Information
Certain statements contained in this news
release may be deemed "forward‐looking statements" within the
meaning of applicable Canadian securities laws. These
forward‐looking statements, by their nature, require POET to make
certain assumptions and necessarily involve known and unknown risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward‐looking
statements. Forward‐looking statements are not guarantees of
performance. Words such as "may", "will", "would", "could",
"expect", "believe", "plan", "anticipate", "intend", "estimate",
"continue", or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward‐looking statements. Information contained in
forward‐looking statements, including with respect to the expected
size of the Offering, the use of proceeds of the Offering, the
jurisdictions in which the Units will be offered or sold, the
number of Units offered or sold, the ability of POET to close the
Offering on terms announced (if at all), the timing and ability of
POET to satisfy the customary listing conditions of the TSX Venture
Exchange (if at all), is based upon certain material assumptions
that were applied in drawing a conclusion or making a forecast or
projection, including management's perceptions of historical
trends, current conditions and expected future developments, as
well as other considerations that are believed to be appropriate in
the circumstances. POET considers its assumptions to be reasonable
based on information currently available, but cautions the reader
that their assumptions regarding future events, many of which are
beyond the control of POET, may ultimately prove to be incorrect
since they are subject to risks and uncertainties that affect POET,
and its business.
For additional information with respect to these
and other factors and assumptions underlying the forward‐looking
statements made in this news release concerning POET, see the
annual report Form 20-F for the year ended December 31, 2021 filed
on April 26, 2022, which is available electronically under POET's
issuer profile on SEDAR (www.sedar.com) and EDGAR (www.sec.gov).
The forward‐looking statements set forth herein concerning POET
reflect management's expectations as at the date of this news
release and are subject to change after such date. POET disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
120 Eglinton Avenue, East, Suite 1107,
Toronto, ON, M4P 1E2- Tel: 416-368-9411 - Fax:
416-322-5075
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