POET Technologies Inc.

Rob, it appears to me, and let me caveat, I haven't had long to look at this, that, as you say, the 45-106 is used for private placements. You could not pursue a public offering under that instrument. The 44-101 is for non-private offerings. And, so, if a public offering is coming, it could be a firm underwriting or a best efforts. If it's a firm underwriting, the lead broker will negotiate a price with POET and buy the entire offering at that price, and then redistribute the shares on the open market, likely placing many with existing clients.