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Patriot One Technologies Inc. Announces Closing of $25.3 Million Bought Deal Offering
Feb. 22, 2018 09:03AM PST
Defense And Security InvestingPatriot One Technologies (TSXV:PAT) has announced the closing of its recently closed bought deal equity financing. As quoted in the press release: The Company sold 12,650,000 units (the “Units”) at a price of $2.00 per Unit for gross proceeds of $25,300,000 (the “Offering”), which included 1,650,000 Units sold pursuant to the full exercise of the …
Patriot One Technologies (TSXV:PAT) has announced the closing of its recently closed bought deal equity financing.
As quoted in the press release:
The Company sold 12,650,000 units (the “Units”) at a price of $2.00 per Unit for gross proceeds of $25,300,000 (the “Offering”), which included 1,650,000 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 $2.40 per Warrant Share. The Warrants will be listed and posted for trading on the TSX Venture Exchange under the symbol PAT.WT.B.
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 885,500 common shares of the Company at a price of $2.00 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.
