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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 26, 2021 /CNW/ - POET Technologies
Inc. ("POET" or the "Company") (TSX Venture: PTK)
(OTCQX: POETF), the designer and developer of the POET Optical
Interposer™ and Photonic Integrated Circuits (PICs) for the data
center and tele-communication markets, is pleased to announce a
brokered private placement (the "Placement") led by Cormark
Securities Inc. ("Cormark") of up to 11.8 million units (the
"Units") at a price of $0.85
per Unit, to raise gross proceeds of up to $10.0 million. Marc
Lustig, founder and former Chairman of Origin House has
committed to be a lead participant in the Placement.
Suresh Venkatesan, Chairman and
CEO of POET Technologies commented: "We are extremely pleased to
see this investment led by Marc
Lustig, a well-known Canadian entrepreneur and investor. We
are happy to have Marc as a supporter at this point in POET's
growth plan and the proceeds of this offering will strengthen the
Company's balance sheet while streamlining the Company's plans to
seek an additional listing for its Common Shares on NASDAQ Capital
Market."
Each Unit will consist of one common share of the Company (a
"Common Share(s)") and one Common Share purchase warrant (a
"Warrant"). Each Warrant will entitle the holder to purchase
one additional Common Share at a price of $1.15 per Common Share for a period of 24 months
following the closing of the Placement. The Warrants are subject to
an accelerated expiry if, following the date that is four months
and one day after the date of issuance of the Units and prior to
the expiry date of the Warrants, the daily volume weighted average
trading price of the Shares exceeds $2.30 for ten consecutive trading days. The
Placement price of $0.85 per Unit
represents a discount of 5.5% of the VWAP (volume weighted average
price) of POET's Common Shares on the TSX Venture Exchange
("TSXV") for the 5 trading days ended January 25, 2021.
Closing of the Placement is subject to receipt of all necessary
corporate and regulatory approvals, including the approval of the
TSXV. Closing of the Placement is anticipated to occur on or about
February 11, 2021.
The securities issued in connection with the private placement
will be subject to a statutory hold period of four months from the
date of issuance in accordance with applicable securities
legislation. The Warrants will not be listed on any exchange.
This press release is not an offer to sell or the solicitation
of an offer to buy the securities in the
United States or in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to qualification or
registration under the securities laws of such jurisdiction. The
securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. persons absent registration or an
applicable exemption from U.S. registration requirements and
applicable U.S. state securities laws.
About POET Technologies Inc.
POET Technologies is a
design and development company offering integration solutions based
on the POET Optical Interposer™ a novel platform that allows the
seamless integration of electronic and photonic devices into a
single multi-chip module using advanced wafer-level semiconductor
manufacturing techniques and packaging methods. POET's Optical
Interposer eliminates costly components and labor-intensive
assembly, alignment, burn-in and testing methods employed in
conventional photonics. The cost-efficient integration scheme and
scalability of the POET Optical Interposer brings value to any
device or system that integrates electronics and photonics,
including some of the highest growth areas of computing, such as
Artificial Intelligence (AI), the Internet of Things (IoT),
autonomous vehicles and high-speed networking for cloud service
providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA, Singapore and Shenzhen, China. More information may be
obtained at www.poet-technologies.com.
This news release contains "forward-looking information" (within
the meaning of applicable Canadian securities laws) and
"forward-looking statements" (within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995). Such statements
or information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding any potential
outcome. Such statements include the Company's expectations with
respect to the success of the Company's product development
efforts, the expected results of its operations, meeting revenue
targets, and the expectation of continued success in the financing
efforts, the capability, functionality, performance and cost of the
Company's technology as well as the market acceptance, inclusion
and timing of the Company's technology in current and future
products.
Such forward-looking information or statements are based on a
number of risks, uncertainties and assumptions which may cause
actual results or other expectations to differ materially from
those anticipated and which may prove to be incorrect. Assumptions
have been made regarding, among other things, management's
expectations regarding the success and timing for completion of its
development efforts, financing activities, future growth,
recruitment of personnel, opening of offices, the form and
potential of its joint venture, plans for and completion of
projects by the Company's third-party consultants, contractors and
partners, availability of capital, and the necessity to incur
capital and other expenditures. Actual results could differ
materially due to a number of factors, including, without
limitation, operational risks in the completion of the Company's
anticipated projects, a delay or abandonment of its joint venture,
delays in recruitment for its newly opened operation in
Shenzhen or changes in plans with
respect to the development of the Company's anticipated projects by
third-parties, risks affecting the Company's ability to execute
projects, the ability of the Company to generate sales for its
products, the ability to attract key personnel, and the ability to
raise additional capital. Although the Company believes that the
expectations reflected in the forward-looking information or
statements are reasonable, prospective investors in the Company's
securities should not place undue reliance on forward-looking
statements because the Company can provide no assurance that such
expectations will prove to be correct. Forward-looking information
and statements contained in this news release are as of the date of
this news release and the Company assumes no obligation to update
or revise this forward-looking information and statements except as
required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Poet Technologies Inc.