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Patriot One Technologies Inc. Announces Upsize of Previously Announced Special Warrant Financing to $4.0 Million
Patriot One Technologies Inc. Announces Upsize of Previously Announced Special Warrant Fin...
About this update from Xtract One Technologies Inc
[{"type":"text","content":"\n\n\n\nPatriot One Technologies Inc. Announces Upsize of Previously Announced Special Warrant Financing to $4.0 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 16, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nVANCOUVER, June 16, 2017 /CNW/ - Patriot One Technologies Inc. (the \"Company\") (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) announced today that it has entered into an amended and restated engagement letter (the \"Amended and Restated Engagement Letter\") with Canaccord Genuity Corp. (the \"Agent\") to increase the size of the Company's previously announced private placement of special warrants of the Company (\"Special Warrants\") from up to $3,010,000 to up to $4,025,000 in gross proceeds (the \"Offering\").\n\nUnder the terms of the Amended and Restated Engagement Letter, the Agent has agreed to offer for sale up to 5,750,000 Special Warrants on a commercially reasonable basis at a price of $0.70 per Special Warrant. The Agent may invite other registered investment dealers to participate as syndicate members in the Offering. The Company has also granted the Agent an option (the \"Agent's Option\") to sell up to an additional 15% of the Special Warrants sold pursuant to the Offering, which Agent's Option is exercisable by giving notice to the Company not less than 48 hours prior to the closing of the Offering. Closing of the Offering is expected to occur on or about July 5, 2017, subject to receipt of regulatory approvals.\n\nOther than for the increase in the size of the Offering all terms of the Special Warrants and their qualification under a short form prospectus remain the same and as set out in the Company's news release of June 14, 2017.\n\nThe Company intends to use the net proceeds of the Offering (including any proceeds received as a result of the exercise of the Agent's Option) to fund international expansion, accelerate deployment of its technology and for general corporate purposes.\n\nThe Offering is subject to certain condit...