04:04 PM EDT, 04/29/2024 (MT Newswires) -- POET Technologies ( POET ) on Monday said it is doubling the size of a private placement of share units, seeking an additional C$10-million private placement to the C$10-million placement announced earlier in the day.

The optical-technologies company is selling an additional 3.45-million units of the company at a price of $2.90 per unit, a discount of 15% from the closing price of the company's shares on the TSX Venture Exchange on Friday. The additional units, made up of a share and a five-year warrant to buy a share for C$4.26, are being sold to two Canadian institutional investors.

The C$10-million financing announced earlier consists of 3.26-million units issued under the listed issuer financing exemption and priced at C$3.069 per unit, with the same warrant terms.

According to a company statement, 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 the company's growth.

POET shares closed up C$0.50 to C$3.91 on the TSX Venture Exchange,

Price: 3.97, Change: +0.56, Percent Change: +16.42