POET Technologies (TSX-V:PTK), a Toronto-based firm engaged in developing the POET platform technology to enable monolithic fabrication of integrated circuit gallium arsenide devices containing both electronic and optical elements on a single wafer, announced today that the company had closed a $5.0 million private placement offering.

The financing was achieved through the issuance of 7,692,307 units at $0.65 per unit for gross proceeds of $5.0 million with each unit containing one common share and one common share purchase warrant. All warrants granted in this transaction allows the holder to exercise the warrant for one common share of POET up to two years after closing at $1.00 per share.

According to the news release, “The proceeds will be used to fund the Company's internal and third party development efforts necessary to complete the milestones required to enable the monetization of the POET Technology. The proceeds will also be used to cover general and administrative expenses, and working capital. ”

Then concluded, “The $5 million dollar placement strengthens POET's balance sheet to enable it to continue implementing its monetization strategy to increase shareholder value.”

POET was in the news recently when the company announced a change in executive leadership earlier in the week.

Shares rose 12.05% on the news to $0.93 per share.

Currently there are 135.1m outstanding shares with a market cap of $125.6 million.