POET Technologies Announces Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Dec. 11, 2023 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Corporation“) (TSXV: PTK; NASDAQ:POET) is pleased to announce that it is undertaking a non-brokered private placement of up to 4,098,360 units of the Corporation (the “Units“) at a price of C$1.22 (US$0.90) per Unit, for aggregate gross proceeds of up to approximately C$5.0 million (US$3.7 million) (the “Offering“). Each Unit will be comprised of one common share of the Corporation (each, a “Common Share“) and one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“), with each Warrant entitling the holder thereof to purchase one Common Share at a price of C$1.52 (US$1.12) per Common Share for a period of five years following the date of issuance of such Warrant. The net proceeds of the Offering are expected to be used for general corporate purposes, including revenue expansion and the development and production of photonic modules for AI and related markets.

Read more at globenewswire.com