SINGAPORE--(Marketwired - November 25, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION 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 second tranche of the non-brokered private placement, announced on November 7, 2016, by selling 3,620,000 units of the Company at a price of $0.30 per unit for gross proceeds of $1,086,000. The Company has sold an aggregate of 4,620,000 units at a price of $0.30 for total gross proceeds of $1,386,000 in the first two tranches.
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.
The Company paid finder's fees on the second tranche consisting of cash fees totalling $69,020 and issued 230,067 finder's warrants. Each finder's warrant entitles the Warrantholder to acquire one unit (the "Unit") at a price of $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 $0.43 per Common Share until November 25, 2018.
All securities issued are subject to a four-month hold period expiring on March 26, 2017.
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, and used for purchase order financings and general working capital purposes.
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.