Patriot One Technologies (PAT.V), Canadian-based developer of the award-winning PATSCAN CMR™ concealed weapons detection system, significantly added to its coffers when the company announced yesterday that it had closed a $4.0 million special warrant financing originally announced June 14, 2017.
According to the news release, Canaccord Genuity acted as lead and sole book runner under the offering. Canaccord also exercised their over-allotment option and with the help of Mackie Research Capital, 6.6 million special warrants were sold at $0.70 each for gross proceeds of $4.63 million.
Special warrant holders will receive one unit of Patriot One Technologies which will consist of one common share of the company and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase one common share of the company at an exercise price of $1.25 for three years from the date of closing of the offering.
All securities issued in the offering are subject to a four-month hold.
Patriot One Technologies plans to use proceeds from this transaction to further expand its international market share and to accelerate deployment of its ground-breaking technology.
Company CEO, Martin Cronin, commented, “I warmly welcome the closing of this financing and would like to thank our investors for the confidence they have shown in Patriot One. As we move into commercial roll out, we have customers from across the globe eagerly awaiting product. This financing will allow us to continue to execute on our plans to meet that demand.”
This isn’t just talk, Patriot One announced a reseller agreement at the end of June with Aotea Security (NZ) Ltd. Of Dunedin, New Zealand, opening its Pacific Rim sales arm. Aotea Security is part of the bigger Aotea Group with has a national market share of 19 branches and over 850 employees.
Cronin was quoted at the time, “We recognize our partnership represents a significant investment in our technology by Aotea, and we are excited by the news that they already have meaningful customer interest. With today’s news, our reseller network gets that much nearer to global scale, and moves us considerably closer to our projected year-one sales and revenue goals.”
The company has been getting some serious attention from industry peers and was awarded the Anti-Terrorism-Force Protection category at the Security Industry Association’s New Product Showcase in Las Vegas.
This excitement isn’t that surprising as Patriot One Technologies’ PATSCAN CMR™ provides a meaningful, non-violent preventative measure against terrorist attacks as Alistair Hogg, CEO of Aotea Security illustrated, “…the PATSCAN covert weapon detection system can help our clients’ security teams immensely; allowing them to deter, detect and defend against acts of violence within their office buildings, entertainment venues or places of worship.”
Patriot One is changing the game in terror prevention. With this closure of special warrants, it has the capital to show the world. You may want to keep this one on your radar.
FULL DISCLOSURE: Patriot Technologies is an EQUITY.GURU client.