Zecotek Increases Non-Brokered Private Placement to $2.4 Million And Closes Second Tranche of $1.1 Million
Singapore, June 7, 2013 - Zecotek Photonics Inc. (TSX-V: ZMS; OTCPK: ZMSPF; Frankfurt: W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that the Company has increased the non-brokered private placement announced on March 27, 2013 by $900,000.
The Company, today, closed the second tranche pursuant to which it sold 2,980,111 units of the Company at a price of $0.36 per unit for gross proceeds of $1,072,840. Under the private placement, the Company has now sold a total of 6,764,553 units of the Company at a price of $0.36 per unit for total gross proceeds of $2,435,239.
Each unit under the second tranche 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 June 7, 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.
For the second tranche, the Company paid finder’s fees consisting of cash fees totalling $61,669.99 and finder’s warrants to purchase a total of 171,305 common shares at $0.50 per share until June 7, 2015.
All securities issued are subject to a four-month hold period expiring on October 8, 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.
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Zecotek Photonics Inc (TSX-V: ZMS; Frankfurt: W1I) is a photonics technology company developing high-performance scintillation crystals, photo detectors, positron emission tomography scanning technologies, 3D auto-stereoscopic displays, and lasers for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek
operates three divisions: Imaging Systems, Laser 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 and joint ventures with leading industry partners such as the European Organization for Nuclear Research (Switzerland), Beijing Opto-Electronics Technology Co. Ltd. (China), NuCare Medical Systems (South Korea), and National NanoFab Center (South Korea). For more information 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:
Zecotek Photonics Inc.
T: (604) 783-8291
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