POET Technologies Provides Update on Non-Brokered Private Placement

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TORONTO, Jan. 16, 2024 (GLOBE NEWSWIRE) --  POET Technologies Inc. ("POET" or the "Corporation") (TSXV: PTK; NASDAQ: POET) is pleased to announce the success of its previously announced non-brokered private placement of up to 4,098,360 units of the Corporation (the "Units") at a price of C$1.22 (US$0.90) per Unit, for aggregate gross proceeds of up to approximately C$5.0 million (US$3.7 million) (the "Offering").

As of January 15, 2024, the Corporation has received subscription agreements from prospective subscribers for more than 3,600,000 of the total 4,098,360 units (87%) available for issuance, for proceeds of more than C$4,400,00 (US$3,280,000). The Corporation has set January 24, 2024 as the closing date for the Offering. For additional information concerning the Offering, refer to the contact information below or contact [e-mail].

“We appreciate the expression of interest the and participation from shareholders and insiders so far,” said Kevin Barnes, VP Finance and Administration. “Extending the close to January 24^th allows us an opportunity to have the offering fully subscribed.”

As previously announced, each Unit will be comprised of one common share of the Corporation (each, a "Common Share") and one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of C$1.52 (US$1.12) per Common Share for a period of five years following the date of issuance of such Warrant. The net proceeds of the Offering are expected to be used for general corporate purposes, including revenue expansion and the development and production of photonic modules for AI and related markets.

The intended purpose of the Offering is to raise additional capital for the Company while providing investors in Canada with terms that are similar to those offered in the Company’s recently completed public offering in the United States.

In connection with the Offering, the Corporation intends to enter into binding subscription agreements with individual accredited investors at a minimum investment amount of C$10,000.

Closing of the Offering is subject to the satisfaction or waiver of a number of customary closing conditions, including the approval of the TSX Venture Exchange ("TSXV"). The securities issued pursuant to the Offering will be subject to applicable hold periods, including the statutory four month hold period from the date of closing of the Offering. In connection with the closing, the Corporation may pay cash fees to certain finders in respect of subscriptions received from certain investors in connection with the Offering, subject to entering into customary arrangements with such finders and subject to the approval of the TSXV. Further information with respect to any such commissions or fees will be provided at the time of closing. For additional information concerning the Offering, refer to the contact information below or contact [e-mail].