SINGAPORE--(Marketwired - November 18, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMENATION IN THE UNITED STATES.
Zecotek Photonics Inc. (TSX VENTURE: ZMS) (FRANKFURT: W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that the Company has closed on the first tranche of the private placement, previously announced on November 7, 2016, by selling 1,000,000 units of the Company at a price of $0.30 per unit for gross proceeds of $300,000.
Each unit of the Company consists of one common share and one common share purchase warrant. Each warrant of the first tranche entitles the holder to acquire one common share at an exercise price of $0.43 per common share at any time on or before November 18, 2018.
The Company paid finder's fees on the tranche consisting of cash fees totalling $21,000 and issued 70,000 finder's warrants. Each finder's warrant entitles the Warrantholder to acquire one unit (the "Unit") at a price of Cdn$0.30 per Unit. Each Unit consists of one Common Share in the capital of the Company and one half of a share purchase warrant (the "Unit Warrant"). Each whole Unit Warrant shall entitle the Warrantholder to acquire one Common Share at a price of Cdn$0.43 per Common Share until November 18, 2018.
All securities issued are subject to a four-month hold period expiring on March 19, 2017.
Net proceeds from the funds raised will be used for general working capital purposes including the manufacture of products and strengthening and maintaining the Company's IP portfolio. All shares and warrants are subject to a four-month hold period.
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.