TORONTO, Aug. 06, 2019 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) is pleased to announce that it has closed a fourth tranche offering of its previously announced 12.0% convertible unsecured debentures (the “Convertible Debentures”), brokered by the Company’s financial advisor IBK Capital. The Company raised gross proceeds of C$550,000 through the fourth tranche closing and, together with the approximately C$4.3 million raised from the first, second and third tranche closings on April 4, May 3, and June 3, 2019, respectively, the Company has now raised approximately C$4.9 million gross of Convertible Debentures. IBK Capital was paid a cash commission of 5.0% of the gross proceeds raised.

Proceeds from the fourth tranche of Convertible Debentures are expected to be used to fund operations pending the completion of the Company’s previously announced sale of its subsidiary DenseLight Semiconductors Pte Ltd., expected in October 2019. The Company expects to continue to solicit interest from potential subscribers for additional tranches of Convertible Debentures over the coming weeks and months. Any subsequent tranches to be completed will be subject to the approval of the TSX Venture Exchange. For a complete description of the terms of the Convertible Debentures, refer to the Company’s press release of April 1, 2019.

The Convertible Debentures are subject to a hold period of four months expiring on December 3, 2019. The Convertible Debentures may be converted in accordance with their terms prior to the expiry of the hold period, but the common shares and warrants comprising the units issued on such conversion (as well as any common shares issued on exercise of such warrants) will be subject to the unexpired balance of the four month hold period.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirements is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.