Poet Technologies (POET) said Thursday it raised $25 million in gross proceeds through a previously announced non-brokered public offering of 5 million units at $5 each.
Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable to acquire one common share at CA$8.16 ($5.93) for a period of five years.
The company said it will use the net proceeds for working capital and general corporate purposes.
Shares of Poet Technologies were down nearly 5% in recent trading.
Price: 6.36, Change: -0.33, Percent Change: -4.93
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