SINGAPORE, SINGAPORE--(Marketwired - Nov. 7, 2016) -
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Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that it has arranged for a non-brokered private placement of 3,500,000 units of the Company at a price of $0.30 per unit for gross proceeds of $1,050,000.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of $0.43 per common share at any time on or before the 24-month anniversary of the closing of the offering.
Net proceeds from the funds raised will be used for general working capital and corporate purposes, the manufacture of products, and to strengthen and maintain patents of the Company's IP portfolio. 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 also announced that it has retained Proconsul Capital Ltd. ("Proconsul") of Toronto, Ontario to provide investor relations services.
In consideration of the services to be provided by Proconsul, the Company has agreed to pay a monthly retainer of $7,000, plus reimbursement of approved expenses. Proconsul has been engaged on a month to month basis, subject to termination by either party on 30 days notice. Proconsul specializes in investor relations services and does not have any interest, directly or indirectly, in the Company or its securities.
Zecotek Photonics Inc (TSX VENTURE:ZMS)(FRANKFURT:W1I) is a photonics technology company developing high-performance scintillation crystals, photo detectors, positron emission tomography scanning technologies, 3D auto-stereoscopic displays, 3D metal printing, and lasers for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek operates three divisions: Imaging Systems, Optronics 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, the European Organization for Nuclear Research (Switzerland), Beijing Opto-Electronics Technology Co. Ltd. (China), NuCare Medical Systems (South Korea), the University of Washington (United States), and National NanoFab Center (South Korea). For more information visit www.zecotek.com and follow @zecotek on Twitter.
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.