Patriot One Technologies (TSX:PAT) has announced that the special warrant financing previously announced on June 24, 2017 closed on July 13, 2017.
As quoted in the press release:
Canaccord Genuity Corp. acted as lead agent and sole book runner under the Offering (the “Agent”). The Agent exercised the over-allotment option granted to it by the Company and, along with its syndicate member, Mackie Research Capital Corporation, sold 6,612,500 Special Warrants at a price of $0.70 per Special Warrant for gross proceeds of $4,628,750.
Each Special Warrant not previously exercised will be automatically exercised, without payment of additional consideration, on the earlier of: (i) the Qualification Deadline (as defined below); and (ii) the third business day after the Prospectus Qualification (as defined below). The holders of Special Warrants will receive, upon such automatic exercise, for no additional consideration, one unit of the Company (a “Unit”) for each Special Warrant held. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $1.25 for a period of 36 months from the date of closing of the Offering.