Patriot One Technologies, Inc. (TSX.V: PAT) (OTCQB: PTOTF) this morning announced its entry into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. pursuant to which the underwriters will purchase an aggregate of 7.1 million units at a price of $1.20 per unit, providing for aggregate gross proceeds of $8.52 million to Patriot One. Each purchased unit will consist of one common share of the company and one half of one common share purchase warrant, exercisable for a period of 36 months following the close of the offering at an exercise price of $1.70 per warrant share. The offering is expected to close on October 31, 2017, subject to customary closing conditions and the approval of the TSX Venture Exchange. Per this morning’s update, Patriot One intends to use the net proceeds from this offering to fund its international expansion, effectively accelerating the deployment of its technology, as well as for working capital purposes.
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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.
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