/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Jan 31, 2018 /CNW/ - Patriot One Technologies
Inc. (TSXV:PAT) (OTCQB:PTOTF) (FRANKFURT:0PL) ("Patriot
One" or the "Company") is pleased to announce that it has entered
into an amending agreement with a syndicate of underwriters led by
Canaccord Genuity Corp. (the "Underwriters") to increase the size
of its previously announced bought deal financing. Pursuant to the
revised terms of the offering, the Underwriters have agreed to
purchase, on a bought deal basis pursuant to the filing of a short
form prospectus, an aggregate of 11,000,000 units (the "Units") at
a price of $2.00 per Unit (the
"Offering Price") for aggregate gross proceeds to Patriot One of
$22,000,000 (the "Offering").
Each Unit will consist of one common share of the Company (a
"Common Share") and one half of one Common Share purchase warrant
(each whole Common Share purchase warrant, a "Warrant"). Each
Warrant will be exercisable to acquire one Common Share (a "Warrant
Share") for a period of 36 months following the closing of the
Offering (the "Closing") at an exercise price of $2.40 per Warrant Share.
The Company has agreed to grant the Underwriters an
over-allotment option to purchase up to an additional 1,650,000
Units at the Offering Price or up to 825,000 Warrants at a price of
$0.30 per Warrant, exercisable in
whole or in part, at any time on or prior to the date that is 30
days following the Closing.
The Units will be offered by way of a short form prospectus to
be filed in British Columbia,
Alberta, Saskatchewan, Manitoba and Ontario. The Company intends to use the net
proceeds from the Offering for funding its international expansion,
accelerating the deployment of its technology and for working
capital purposes. The Offering is expected to close on February 21, 2018 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and stock exchange approvals, including the
approval of the TSX Venture Exchange and the applicable securities
regulatory authorities.
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable
exemption from the registration requirements. This press release
will not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any
State in which such offer, solicitation or sale would be
unlawful.
ON BEHALF OF THE BOARD
"Martin Cronin"
CEO & Director
About Patriot One Technologies,
Inc. (TSXV:PAT)(OTCQB:PTOTF)(FRA:0PL):
Patriot One has developed PATSCAN™ the next generation of its
award-winning Patriot One Technologies™ NForce CMR1000 software and
radar solution. PATSCAN™ is a first-of-its-kind Cognitive Microwave
Radar concealed weapons detection system as an effective tool to
combat active shooter threats before they occur. Designed for
cost-effective deployment in weapon-restricted buildings and
facilities, the Patriot One software solution and related hardware
can be installed in hallways and doorways to covertly identify
weapons and to alert security of an active threat entering the
premises. Owner/operators of private and certain public facilities
can now prominently post anti-weapons policies with compliance
assured. The Company's motto Deter, Detect and Defend is based on
the belief that widespread use of its technology will act as an
effective deterrent, thereby diminishing the epidemic phenomena of
active shooters across the globe. For more information, visit:
www.patriot1tech.com.
Patriot One Technologies are proud winners of the 2017
Anti-Terrorism / Force Protection category of the Security Industry
Association's New Product Showcase at ISC West.
CAUTIONARY DISCLAIMER STATEMENT:
No securities regulatory authority has reviewed nor accepts
responsibility for the adequacy or accuracy of the content of this
news release. This news release contains forward-looking statements
relating to the timing and completion of the Offering, the use of
proceeds of the Offering and other statements that are not
historical facts. Forward-looking statements are often identified
by terms such as "will", "may", "should", "anticipate", "expects"
and similar expressions. All statements other than statements of
historical fact, included in this news release are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include the failure to satisfy the conditions of the relevant
securities exchange(s) and other risks detailed from time to time
in the filings made by the Company with securities regulations. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the
included forward-looking statements as expressly required by
applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE Patriot One Technologies Inc.