Patriot One Technologies, Inc. (TSX.V: PAT) (OTCQB: PTOTF) today confirmed the closing of its recently announced bought deal equity financing. The company sold roughly 9.6 million units at a price of $1.20 each for gross proceeds of $11.523 million. These figures included the 1.25 million units sold pursuant to the full exercise of the underwriters’ over-allotment option. Per the news release, each unit consists of one common share of the company’s Canada-listed stock and one half of one common share purchase warrant. The warrants, which will be listed and posted for trading on the TSX Venture Exchange under the symbol ‘PAT.WT.A’, are exercisable to acquire one common share of the company’s stock for a period of 36 months following the closing of the offering at an exercise price of $1.70 per warrant share. Patriot One intends to use net proceeds from the offering to fund its international expansion and accelerate the deployment of its technology, as well as for general working capital purposes.
To view the full press release, visit http://nnw.fm/WSPd2
About Patriot One Technologies, Inc.
Patriot One 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. Built 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. For more information, visit: www.patriot1tech.com.
More from NetworkNewsBreaks
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information please visit https://www.NetworkNewsWire.com