PAT Patriot One arranges $17.4M bought-deal offering
Wed Jan 31 07:43:57 2018 EDT
Patriot One Technologies Inc (TSX-V:PAT)
Shares Issued 87,584,763
Last Close 1/30/2018 $2.40
Wednesday January 31 2018 - News Release
Mr. Martin Cronin reports
PATRIOT ONE ANNOUNCES $17.4 MILLION BOUGHT DEAL
Patriot One Technologies Inc. has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. pursuant to which the underwriters have agreed to purchase, on a bought-deal basis pursuant to the filing of a short-form prospectus, an aggregate of 8.7 million units at a price of $2 per unit for aggregate gross proceeds to Patriot One of $17.4-million.
Each Unit will consist of one common share of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") 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 Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 1,305,000 Units at the Offering Price or up to 652,500 Warrants at a price of $0.30 per Warrant, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the Closing.
The Units will be offered by way of a short form prospectus to be filed in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The Company intends to use the net proceeds from the Offering for funding its international expansion, accelerating the deployment of its technology and for working capital purposes. The Offering is expected to close on February 21, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
About Patriot One Technologies, Inc. (TSXV:PAT)(OTCQB:PTOTF)(FRA:0PL):
Patriot One has developed PATSCAN(TM) the next generation of its award-winning Patriot One Technologies(TM) NForce CMR1000 software and radar solution. PATSCAN(TM) is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system as an effective tool to combat active shooter threats before they occur. Designed 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.
