/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Oct. 29, 2018 /CNW/ - Patriot One Technologies
Inc. (TSXV:PAT) (OTCQX:PTOTF) (FRANKFURT:0PL) ("Patriot
One" or the "Company") is pleased to announce that it has entered
into an agreement with a syndicate of underwriters led by Canaccord
Genuity Corp. (the "Underwriters") 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
16,000,000 units (the "Units") at a price of $2.50 per Unit (the "Offering Price") for
aggregate gross proceeds to Patriot One of $40,000,000 (the "Offering").
Each Unit will consist of one common share of the Company (a
"Common Share") and 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 24 months following the closing of the Offering (the
"Closing") at an exercise price of $3.25 per Warrant Share.
The Company has agreed to grant the Underwriters an
over-allotment option to purchase up to an additional 2,400,000
Units at the Offering Price or up to 2,400,000 Warrants at a price
of $0.22 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 in all Provinces of Canada except Quebec. The Company intends to use the net
proceeds from the Offering for funding its strategic initiatives,
accelerating the deployment of its technology and for working
capital purposes. The Offering is expected to close on November 20, 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.
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable
exemption from the registration requirements. This press release
will not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any
State in which such offer, solicitation or sale would be
unlawful.
ON BEHALF OF THE BOARD
"Martin Cronin"
CEO & Director
About Patriot One Technologies,
Inc. (TSXV:PAT)(OTCQB:PTOTF)(FRA:0PL):
Patriot One has developed the PATSCAN™ next generation software and
sensor solution for the covert detection of weapons threats.
Designed as an innovative and effective platform to combat active
shooter threats before they occur, the system features the
award-winning PATSCAN™ CMR cognitive microwave radar system. Built
for cost-effective deployment in weapon-restricted buildings and
facilities, the Patriot One software solution and related hardware
systems can be installed at key access points to covertly identify
weapons and to alert security for the intervention of active threat
events before they commence. 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. Patriot One Technologies
are proud winners of the 2017 Anti-Terrorism / Force Protection
category of the Security Industry Association's New Product
Showcase at ISC West.
CAUTIONARY DISCLAIMER STATEMENT:
No securities regulatory authority has reviewed nor accepts
responsibility for the adequacy or accuracy of the content of this
news release. This news release contains forward-looking statements
relating to the timing and completion of the Offering, the use of
proceeds of the Offering and other statements that are not
historical facts. Forward-looking statements are often identified
by terms such as "will", "may", "should", "anticipate", "expects"
and similar expressions. All statements other than statements of
historical fact, included in this news release are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include the failure to satisfy the conditions of the relevant
securities exchange(s) and other risks detailed from time to time
in the filings made by the Company with securities regulations. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the
included forward-looking statements as expressly required by
applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE Patriot One Technologies Inc.