TORONTO, ONTARIO and STORRS, CONNECTICUT--(Marketwired - Feb. 13, 2014) - POET Technologies Inc. (TSX VENTURE:PTK)(OTCQX:POETF) ("POET") or (the "Company") announces the closing of its previously announced non-brokered private placement financing of 7,692,307 Units at a price of C$0.65 per unit for proceeds of C$5 million. Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to acquire one additional common share of POET for a period of 2 years at an exercise price of C$1.00 per share.
All of the securities issued pursuant to the private placement are subject to a hold period which expires on June 13, 2014. No commission was payable with respect to this financing.
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 be used to cover general and administrative expenses, and working capital. The $5 million dollar placement strengthens POET's balance sheet to enable it to continue implementing its monetization strategy to increase shareholder value.
Following the closing of the private placement there are currently 142,800,040 shares issued and outstanding.
About POET Technologies Inc.
POET Technologies is the developer of the POET platform for monolithic fabrication of integrated circuit devices containing both electronic and optical elements on a single semiconductor wafer. With head office in Toronto, Ontario, Canada, and operations in Storrs, CT, the Company, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-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. The Company's common shares trade on the TSX Venture Exchange under the symbol "PTK" and on the OTCQX under the symbol "POETF". For more information please visit our websites at www.poet-technologies.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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.
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Source: POET Technologies Inc.