POET Technologies Announces Closing of $5,000,000 Private Placement
February 13th, 2014
Toronto, ON and Storrs, CT, February 13, 2014 – POET Technologies Inc. (TSX-V: PTK and OTCQX: POETF) (“POET”) or (the “Company”) announces the closing of its previously announced non-brokered private placement financing of 7,692,307 Units at a price of C$0.65 per unit for proceeds of C$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 2 years at an exercise price of C$1.00 per share.
All of the securities issued pursuant to the private placement are subject to a hold period which expires on June 13, 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 monetization of the POET Technology. The proceeds will also be used to cover general and administrative expenses, and working capital. The $5 million dollar placement strengthens POET’s balance sheet to enable it to continue implementing its monetization strategy to increase shareholder value.
Following the closing of the private placement there are currently 142,800,040 shares issued and outstanding.
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