https://www.privateplacements.com/investing-news/3-financings-you-need-to-know-about-this-week-jan-25-29/
The poet story is getting around.
Great strength on Friday to buck the down trend in the markets.
2. POET Technologies Inc. (TSX-V: PTK)
- Gross Proceeds: $12.5 million
- Sector: Data/telecommunications
- Units issued: 14.71 million
- Type: Special units
- Price: $0.85
- Warrants: None
- Agents: Cormark Securities Inc.
- Use of Proceeds: Working capital
Telecommunications and data innovators POET Technologies Inc. (TSX-V: PTK) announced a $10 million private placement, upsizing the deal to $12.5 million the following day.
The company now plans to issue 14.71 million units at $0.85 each, through a group of agents led by Cormark Securities Inc. It has also granted the underwriters the option to purchase up to an additional 2.94 million units at the same price up until the closing of the placement, expected on Feb. 11.
POET Technologies are the developers of a proprietary device called the POET Optical Interposer, which allows high-speed communication between electronic and photonic devices at a lower cost compared to conventional devices, providing a flexible and scalable platform for a variety of applications. The platform is ready for production as of last October.
POET was one of TSX Venture's top 50 picks for 2019, and the company recently opened a product design and development center in Shenzen, China. Shares of POET have been rising for a few weeks, climbing 55 cents since early December to close at $1.06 per share on Friday afternoon.
