Zecotek Announces Non-brokered Private Placement
Singapore, January 18, 2011 - 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 arranged for a non-brokered private placement of 1,886,792 units of the Company at a price of $0.53 per unit for gross proceeds of $1,000,000.
Each unit consists 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 $0.70 per common share at any time on or before the 24-month anniversary of the closing of the offering. The Warrant’s exercise period will automatically accelerate if the common shares of the Company trade above $1.25 for a period of 10 consecutive trading days.
Net proceeds from the funds raised will be used to complete licensing agreements and technology transfer for commercialization in the Company’s three operating division, to build and maintain patents of the IP portfolio and for general working capital purposes. 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 the granting of 4,000,000 stock options to directors, employees and consultants for their contributions to the Company. The exercise price is set at $0.64 and will expire in five years. The stock options are subject to regulatory approval.
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About Zecotek
Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I), is a photonics technology company developing high-performance crystals, photo detectors, lasers, optical imaging and 3D display technologies for commercial applications in the medical diagnostics and high-tech industries. Founded in 2003, the company operates three distinct divisions: imaging, lasers and 3D display, with labs located in Canada, USA, Singapore and Russia. Zecotek commercializes its novel, patented and patent-pending photonic technologies directly and through strategic alliances and joint ventures with multinational OEMs, distributors and other industry leaders. For more information, please visit www.zecotek.com.
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.
For Additional Information Please Contact:
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Zecotek Photonics Inc. Michael Minder T: (604) 827-5212 [email protected] |
CHF Investor Relations Christopher Haldane, Account Manager T: (416) 868-1079 x237 [email protected] |
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