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TORONTO, Oct 11, 2017 /CNW/ - 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.
ON BEHALF OF THE BOARD
"Martin Cronin"
CEO & Director
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. For more information, visit: www.patriot1tech.com. Patriot
One are proud winners of the 2017 Anti-Terrorism / Force Protection
category of the Security Industry Association's New Product
Showcase at ISC West.
CAUTIONARY DISCLAIMER STATEMENT:
No securities regulatory authority has reviewed nor accepts
responsibility for the adequacy or accuracy of the content of this
news release. This news release contains forward-looking statements
relating to the timing and completion of the Offering, the use of
proceeds of the Offering and other statements that are not
historical facts. Forward-looking statements are often identified
by terms such as "will", "may", "should", "anticipate", "expects"
and similar expressions. All statements other than statements of
historical fact, included in this news release are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include the failure to satisfy the conditions of the relevant
securities exchange(s) and other risks detailed from time to time
in the filings made by the Company with securities regulations. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the
included forward-looking statements as expressly required by
applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE Patriot One Technologies Inc.