POET Technologies secures $10M in funding

TORONTO — POET Technologies Inc. announced the closing of its previously announced offering which was taken up entirely by a single institutional investor of CAD$10 million. No brokers or finders were engaged in this transaction.

The offering was conducted under the Canadian listed issuer financing exemption (LIFE) program. The company sold 3,258,390 units, consisting of 3,258,390 common shares of the company and warrants to purchase up to 3,258,390 common shares of the company at a combined price of CAD$3.069 per common share and accompanying warrant. Each warrant has an exercise price of CAD$4.26 per common share and is exercisable for five years from today’s closing date.

POET aims to utilize the proceeds from this financing for general working capital purposes to support its ongoing growth phase.