Zecotek Increases Non-Brokered Private Placement to $1.5 Million And Closes First Tranche of $1.3 Million
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.
– 30 –
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:
Zecotek Photonics Inc.
T: (604) 783-8291
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.