Zecotek Increases Non-Brokered Private Placement to $1.5 Million And Closes First Tranche of $1.3 Million
11 April 2013 - 8:08AM
Access Wire
Singapore, April 10, 2013 - 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 $200,000. The Company is now
offering 4,166,667 units of the Company at a price of $0.36 per
unit for gross proceeds of $1,500,000.
Zecotek also announced it has closed on the first tranche of the
non-brokered private placement announced on March 27, 2013. The
Company has sold 3,784,442 units of the Company at a price of $0.36
per unit for gross proceeds of $1,362,399.
Each unit consisted 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 $0.50
per common share at any time on or before April 10, 2015. The
warrant's exercise period will automatically accelerate if the
common shares of the Company trade above $1.00 for a period of 10
consecutive trading days.
The Company paid finder's fees consisting of cash fees totalling
$95,367.94 and finder's warrants to purchase a total of 264,909
common shares at $0.50 per share until April 10, 2015.
All securities issued are subject to a four-month hold period
expiring on August 11, 2013.
Net proceeds from the funds raised will be used to complete
licensing agreements and technology transfer for commercialization,
to build and maintain patents of the Company's IP portfolio and for
general working capital purposes.
About Zecotek
Zecotek Photonics Inc (TSX-V: ZMS; Frankfurt: W1I) is a
photonics technology company developing high-performance
scintillation crystals, photo detectors, positron emission
tomography scanner technologies, 3D auto-stereoscopic displays,
fiber lasers and waveguide micro lasers for applications in
medical, high-tech and industrial sectors. Founded in 2003, Zecotek
operates three divisional companies: Zecotek Imaging (medical,
industrial and research), Zecotek Lasers (industrial and research)
and Zecotek 3D (monitors for multimedia, entertainment, industrial
and medical). The Company has labs located in Canada, Singapore and
Russia, with affiliated R&D and production facilities in USA,
China, and South Korea. Zecotek commercializes its novel, patented
and patent-pending photonic technologies directly and through
strategic alliances with multinational OEMs, distributors and other
industry leaders. For more information, visit www.zecotek.com.
For Additional Information Please Contact:
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|Zecotek Photonics Inc. | |
|Michael Minder T: (604)| |
|783-8291 ir@zecotek.com| |
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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
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accuracy of the content of this news release.
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