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Patriot One Technologies Announces Closing of $11.5 Million Bought Deal Offering
Oct. 31, 2017 08:25AM PST
Cyber Security InvestingPatriot One Technologies (TSXV:PAT; OTCQB:PTOTF) has announced it has closed its previously announced bought deal equity financing. As quoted in the press release: The Company sold 9,602,500 units (the “Units“) at a price of $1.20 per Unit for gross proceeds of $11,523,000 (the “Offering“), which included 1,252,500 Units sold pursuant to the full exercise of …
Patriot One Technologies (TSXV:PAT; OTCQB:PTOTF) has announced it has closed its previously announced bought deal equity financing.
As quoted in the press release:
The Company sold 9,602,500 units (the “Units“) at a price of $1.20 per Unit for gross proceeds of $11,523,000 (the “Offering“), which included 1,252,500 Units sold pursuant to the full exercise of the Underwriters’ over-allotment option. Each Unit consists of one common share of the Company (a “CommonShare“) and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant is exercisable to acquire one Common Share (a “WarrantShare“) for a period of 36 months following the closing of the Offering (the “Closing“) at an exercise price of $1.70 per Warrant Share. The Warrants will be listed and posted for trading on the TSX Venture Exchange under the symbol PAT.WT.A.
The Offering was underwritten by a syndicate of underwriters led by Canaccord Genuity Corp. and including GMP Securities L.P. (the “Underwriters“). In consideration of their services the Company paid the Underwriters a cash commission equal to 7% of the gross proceeds of the Offering, and issued the Underwriters warrants to acquire up to 672,175 common shares of the Company at a price of $1.20 for a period of 24 months from Closing.
The net proceeds of the Offering will be used for funding the Company’s international expansion, accelerating the deployment of its technology and for working capital purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
