Toronto, ON, Canada and Storrs, CT--Developer of the POET platform for monolithic fabrication of integrated circuit devices containing both electronic and optical elements on a single semiconductor wafer, POET Technologies announced a non-brokered private placement financing of up to $4.5 million dollars. The private placement was price protected at $0.50 per unit but in light of the recent run-up in the share price, the subscribers have agreed to the increased subscription price. No commission is payable with respect to this financing which is scheduled to close on February 12, 2014.
The proceeds will be used to fund the Company's internal and third party development efforts necessary to complete the milestones required to enable the monetization of the POET Technology. The proceeds will also cover general and administrative expenses, and working capital. There are currently 132,676,115 shares issued and outstanding.
The Company also wishes to announce that management of the Company will be recommending that Richard Patricio be proposed as a nominee to the Board of Directors at the next shareholders meeting in June, 2014, subject to formal Board approval. Patricio is VP, Legal and Corporate Affairs at Pinetree Capital, a Toronto-based diversified investment, financial advisory and venture capital firm, where he is responsible for merger and acquisition activity, corporate transactions, compliance, corporate governance and administration.
Peter Copetti, executive director of POET, said, "The $5 million dollar placement strengthens POET's balance sheet and ensures that the Company is well capitalized to enable it to continue implementing its strategy to monetize the POET technology and increase shareholder value."
POET Technologies designs III-V semiconductor devices for military, industrial, and commercial applications, including infrared sensor arrays and ultralow-power random access memory. The Company has 30 patents issued and 9 patents pending for the POET process, with potential high-speed and power-efficient applications in devices such as servers, tablet computers, and smartphones.
SOURCE: POET Technologies; http://poet-technologies.com/poet-technologies-announces-5000000-private-placement/