MMCAP is providing PIPE type financing for POET.  

MMCAP has deep pockets and is apparently willing to take liquidity risk, as they hold newly issued shares, in order to obtain "free" warrants.

I believe their goal is to sell the shares quickly, at no loss to small profit, and to hold the warrants for long term capital appreciation. They believe more in market statistics and charts than in interposer technology.

Poet used to fund through PIPE structures with smaller US dealers acting as middle men and taking a 6% fee. To me, it appears Barnes, in Toronto, has made reached across to MMCAP, in Toronto, to set up an ATM-like operation that costs only the value (not small) of the long-term warrants, in contrast to the same long-term warrants but additional underwriting fees associated with the previous US dealers.