Zecotek Increases Non-Brokered Private Placement to $3.2 Million
SINGAPORE, Aug. 23, 2013 /CNW/ - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that the Company has increased the previously announced non-brokered private placement by $1,000,000. The Company is offering 5,517,241 units of the Company at a price of $0.58 per unit for gross proceeds of $3,200,000.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.75 per common share at any time on or before the 24-month anniversary of the closing of the offering. The Warrant's exercise period will automatically accelerate if the common shares of the Company trade above $1.25 for a period of 10 consecutive trading days.
Net proceeds from the funds raised will be used to complete the transfer of technology for the purpose of immediate commercialization, strengthen and maintain patents of the Company's IP portfolio, for purchase order financings and general working capital purposes. Pursuant to the financing, the Company may pay a finder's fee. All shares and warrants are subject to a four-month hold period.
Zecotek Photonics Inc (TSX-V: ZMS; Frankfurt: W1I) is a photonics technology company developing high-performance scintillation crystals, photo detectors, positron emission tomography scanning technologies, 3D auto-stereoscopic displays, and lasers for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek operates three divisions: Imaging Systems, Laser Systems and 3D Display Systems with labs located in Canada, Korea, Russia, Singapore and U.S.A. The management team is focused on building shareholder value by commercializing over 50 patented and patent pending novel photonic technologies directly and through strategic alliances and joint ventures with leading industry partners such as the European Organization for Nuclear Research (Switzerland), Beijing Opto-Electronics Technology Co. Ltd. (China), NuCare Medical Systems (South Korea), and National NanoFab Center (South Korea). For more information visit www.zecotek.com, follow @zecotek on Twitter and "like" us in Facebook at www.facebook.com/zecotek.
This press release may contain forward-looking statements that are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what may have been stated.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release. If you would like to receive news from Zecotek in the future please visit the corporate website at www.zecotek.com.
SOURCE Zecotek Photonics Inc.