Patriot One Technologies Inc. (OTC:$PTOTF) officially announced today that it has entered into an amending agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the “Underwriters”) (TSX:$CF) to increase the size of its previously announced bought deal financing. Such agreement details the Underwriters’ agreements to purchasing an aggregate of 8,350,000 units at a price of $1.20 per unit, for aggregate gross proceeds to Patriot One of $10,020,000.
Specifically, each unit will entail one common share of the Company, and one half of one Common Share purchase warrant. Each warrant can be exercised to acquire one Common Share for a period of 26 months following the closing of the Offering at an exercise price of $1.70 per Warrant Share.
Additionally, Patriot One has agreed to provide the Underwriters with an over-allotment option to purchase up to an additional 1,252,500 units at the offering price or up to 626,250 Warrants at a price of $0.06 per Warrant, usable 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 and Ontario. Such net proceeds from the initiative will be used by Patriot One for international expansion, accelerating the deployment of its technology and for working capital purposes.
The offer will close on Oct 31, 2017.
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