NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, May 10, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. ("POET" or the "Company") (TSXV:PTK, NASDAQ:POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and AI markets, announced the closing of its previously announced CAD$10 million private placement (the "PP Offering") which was taken up by two institutional investors. No brokers or finders were engaged in this transaction. The PP Offering was announced on April 29, 2024 and today's closing follows the Company's recent closing of its CAD$10 million financing under the Listed Issuer Financing Exemption on May 3, 2024. Under the PP Offering the Company sold 3,448,275 units (the "Units") at a price of CAD$2.90 per Unit (the "Offering Price") for gross proceeds of CAD$10 million. Each Unit consisted of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant has an exercise price of CAD$4.26 and is exercisable to acquire one Common Share (a "Warrant Share") for five years from today's closing date. The Common Shares forming a part of the Units, the Warrants, and the Warrant Shares are each subject to a 4-month holding period under applicable Canadian securities laws. No brokers or finders were engaged in this transaction and no commissions are to be paid in connection with the issuance of the Units. POET is currently experiencing strong demand for its proprietary optical engine technology that powers 800G and higher speed optical modules for AI processing clusters and light sources for advanced chip-to-chip light-based data communications and high-speed computing. Use of proceeds of this financing is for general working capital purposes aimed at supporting this significant growth phase for the Company. The Units are being issued pursuant to exemptions from the prospectus requirements pursuant to Canadian securities law to investors resident in Canada. This press release ...