Poet Technologies Announces Closing of C$4.4 Million Private Placement of Units
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Friday, December 2, 2022
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TORONTO, Dec. 02, 2022 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Corporation") (TSXV: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, announces that it has completed its previously announced non-brokered private placement (the "Offering") of an aggregate 1,126,635 units of the Corporation (the "Units") at a price of C$3.81 (US$2.78) per Unit for aggregate gross proceeds of C$4,292,479.35 (US$3,132,045.30).
Key Points:
- Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$4.95 (US$3.61) per Common Share for a period of three years following the closing date of the Offering.
- Glen Riley, a director of the Corporation, subscribed for 10,000 Units under the Offering for gross proceeds of C$38,100 (US$27,800).
- POETs Optical Interposer eliminates costly components and laborintensive assembly, alignment, burnin and testing methods employed in conventional photonics.
- POET is headquartered in Toronto, with operations in Allentown, PA, Shenzhen, China and Singapore.