POET Technologies Announces $5,000,000 Private Pla
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POET Technologies Announces $5,000,000 Private Placement
TORONTO, ONTARIO and STORRS, CONNECTICUT--(Marketwired - Jan 30, 2014) - POET Technologies Inc. (TSX-VENTURE
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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 Mr. 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. Mr. Patricio is Vice President, Legal and Corporate Affairs at Pinetree Capital Ltd., 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. He is currently a director of several US and Canadian-based companies. Mr. Patricio received his law degree from Osgoode Hall, Toronto, was called to the Ontario bar in 2000 and subsequently practiced law at a large Canadian law firm before joining Pinetree.
"We look forward to Mr. Patricio joining the Board with his vast experience" said Mr. Peter Copetti, Executive Director of POET. Mr. Copetti added: "The Board is pleased that Pinetree Capital and other strategic investors have demonstrated their vote of confidence in Management's ability to monetize the Company's POET technology. 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.
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.
Grayling
Christopher Chu
(646) 284-9426
poet@grayling.com
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