Release date- 13102017 - TORONTO, ON - Patriot One Technologies Inc. (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) ('Patriot One' or the 'Company') is pleased to announce that it has entered into an amending agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the 'Underwriters') to increase the size of its previously announced bought deal financing.
Pursuant to the revised terms of the offering, the Underwriters have agreed to purchase, on a bought deal basis, an aggregate of 8,350,000 units (the 'Units') at a price of $1.20 per Unit (the 'Offering Price') for aggregate gross proceeds to Patriot One of $10,020,000 (the 'Offering'). Each Unit will consist of one common share of the Company (a 'Common Share') and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a 'Warrant'). Each Warrant will be exercisable to acquire one Common Share (a 'Warrant Share') for a period of 36 months following the closing of the Offering (the 'Closing') at an exercise price of $1.70 per Warrant Share. The Company has agreed to grant the Underwriters 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, exercisable 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. The Company intends to use the net proceeds from the Offering for funding its international expansion, accelerating the deployment of its technology and for working capital purposes. The Offering is expected to close on October 31, 2017 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Patriot One Technologies, Inc. (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL): The Company has developed PATSCAN CMR the next generation of its award-winning radar device and software solution. PATSCAN CMR is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system, designed as an effective tool to combat active shooter threats before they occur. Designed for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. Owner/operators of private and certain public facilities can now prominently post anti-weapons policies with compliance assured. The Company's motto Deter, Detect and Defend is based on the belief that widespread use of its technology will act as an effective deterrent, thereby diminishing the epidemic phenomena of active shooters across the globe.
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