/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
VANCOUVER,
June 16, 2017
/CNW/ - Patriot One Technologies Inc. (the "Company") (TSX
VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) announced today that it has
entered into an amended and restated engagement letter (the
"Amended and Restated Engagement Letter") with Canaccord Genuity
Corp. (the "Agent") to increase the size of the Company's
previously announced private placement of special warrants of the
Company ("Special Warrants") from up to $3,010,000 to up to $4,025,000 in gross proceeds (the
"Offering").
Under the terms of the Amended and Restated Engagement
Letter, the Agent has agreed to offer for sale up to
5,750,000 Special Warrants on a commercially reasonable basis
at a price of $0.70 per Special
Warrant. The Agent may invite other registered investment dealers
to participate as syndicate members in the Offering.
The Company has also granted the Agent an option (the
"Agent's Option") to sell up to an additional 15% of the Special
Warrants sold pursuant to the Offering, which Agent's Option is
exercisable by giving notice to the Company not less than 48 hours
prior to the closing of the Offering. Closing of the Offering is
expected to occur on or about July 5,
2017, subject to receipt of regulatory approvals.
Other than for the increase in the size of the Offering
all terms of the Special Warrants and their qualification under a
short form prospectus remain the same and as set out in the
Company's news release of June 14,
2017.
The Company intends to use the net proceeds of the
Offering (including any proceeds received as a result of the
exercise of the Agent's Option) to fund international expansion,
accelerate deployment of its technology and for general corporate
purposes.
The Offering is subject to certain conditions including,
but not limited to receipt of all necessary approvals, including
the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States. The securities
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 state securities laws and may not be offered or sold within
the United States unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
About Patriot One Technologies, Inc. (TSX VENTURE: PAT)
(OTCQB: PTOTF) (FRANKFURT:
0PL):
Patriot One has developed PATSCAN CMR™
the next generation of its award-winning Patriot One Technologies™
NForce CMR1000 software and radar solution. PATSCAN CMR is a
first-of-its-kind Cognitive Microwave Radar concealed weapons
detection system 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 Technologies 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 Exchange 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 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 release.
SOURCE Patriot One Technologies Inc.