Patriot One Technologies completes $4.63M special warrant financing

Patriot One Technologies Inc. Announces Closing of Special Warrant Financing


VANCOUVER, BRITISH COLUMBIA – (July 13, 2017) – Patriot One Technologies Inc. (the “Company”) (TSX VENTURE: PAT) is pleased to announce that the Special Warrant financing (the “Offering”) previously announced on June 14, 2017 has closed today.

Canaccord Genuity Corp. acted as lead agent and sole book runner under the Offering (the “Agent”). The Agent exercised the over-allotment option granted to it by the Company and, along with its syndicate member, Mackie Research Capital Corporation, sold 6,612,500 Special Warrants at a price of $0.70 per Special Warrant for gross proceeds of $4,628,750.

Each Special Warrant not previously exercised will be automatically exercised, without payment of additional consideration, on the earlier of: (i) the Qualification Deadline (as defined below); and (ii) the third business day after the Prospectus Qualification (as defined below). The holders of Special Warrants will receive, upon such automatic exercise, for no additional consideration, one unit of the Company (a “Unit”) for each Special Warrant held. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $1.25 for a period of 36 months from the date of closing of the Offering.

The Company has agreed to use its best efforts to obtain a receipt for a final short form prospectus qualifying
the distribution of the Units upon exercise of the Special Warrants (the “Prospectus Qualification”) on or before
the date that is 45 days following closing of the Offering, being August 27, 2017 (the “Qualification Deadline”).

If the Prospectus Qualification does not occur before the Qualification Deadline, each holder shall be entitled to receive, without payment of additional consideration, 1.05 Units per Special Warrant. Unless the Prospectus Qualification occurs, securities issued in connection with the Offering will be subject to a four month hold period from the date of issue.

The Company intends to use the net proceeds of the Offering to fund international expansion, accelerate deployment of its technology and for general corporate purposes.

Martin Cronin, the Company’s CEO, states, “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.”

Further, the Company announces that it revised and refiled its Financial Statements and related MD&A for the quarter ended April 30, 2017. The refiling was necessitated by the engagement of the Company’s auditors to perform a review of the financial statements in connection with the Offering. The principle revisions were to remove the Notice of no Auditors Review, update the subsequent event note from June 29, 2017 to July 10, 2017 and to make non-material reclassifications on the balance sheets, statements of shareholders’ equity (deficiency) and statement of cash flow. Certain of the reclassifications on the financial statements also required revising in the MD&A.

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.

“Martin Cronin”
CEO & Director

For further information, please contact:
Patriot One Inquiries
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+1 (888) 728-1832

About Patriot One Technologies, Inc.

The Company 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: 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.

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.