Xtract One Technologies Inc (XTRAF)

[NetworkNewsWire]

PTOTF Closes Equity Financing Deal

Patriot One Technologies, Inc. (TSX.V: PAT) (OTCQB: PTOTF) today confirmed the closing of its recently announced bought deal equity financing. The company sold roughly 9.6 million units at a price of $1.20 each for gross proceeds of $11.523 million. These figures included the 1.25 million units sold pursuant to the full exercise of the underwriters’ over-allotment option. Per the news release, each unit consists of one common share of the company’s Canada-listed stock and one half of one common share purchase warrant. The warrants, which will be listed and posted for trading on the TSX Venture Exchange under the symbol ‘PAT.WT.A’, are exercisable to acquire one common share of the company’s stock for a period of 36 months following the closing of the offering at an exercise price of $1.70 per warrant share. Patriot One intends to use net proceeds from the offering to fund its international expansion and accelerate the deployment of its technology, as well as for general working capital purposes.

To view the full press release, visit http://nnw.fm/WSPd2

About Patriot One Technologies, Inc.

Patriot One has developed PATSCAN CMR™ the next generation of its award-winning radar device and software solution. PATSCAN CMR is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system, designed as an effective tool to combat active shooter threats before they occur. Built for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. Owner/operators of private and certain public facilities can now prominently post anti-weapons policies with compliance assured. The Company’s motto Deter, Detect and Defend is based on the belief that widespread use of its technology will act as an effective deterrent, thereby diminishing the epidemic phenomena of active shooters across the globe. For more information, visit: www.patriot1tech.com.