Zecotek Announces $2.5 Million Private Placement
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Singapore, October 23, 2014 - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I), (the “Company”) a developer of leading-edge photonics technologies for industrial, healthcare and scientific markets, today announced that it has engaged Maison Placements Canada Inc. (“Maison”) of Toronto, to conduct a best efforts brokered private placement offering of equity units of up to $2.5 million through issue of up to 7,142,857 units of the Company (each, a “Unit”) at a price of $0.35 per Unit.
Each Unit will consist of one common share of the Company (“Common Share”) and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.50 per Common Share for a period of 24 months after the date the private placement closes. The Common Shares and warrants issued pursuant to the private placement will be subject to a four-month hold period.
Pursuant to the financing, the Company will pay to Maison 7% of the proceeds of the sale of the Units and issue non-transferable agent’s warrants to purchase Common Shares equal in number to 7% of the Units sold to investors found by Maison, at an exercise price of $0.50 per share for a period of 24 months.
Net proceeds from the funds raised will be used for general working capital and to commercialize the Company`s portfolio of photonic technologies. The financing remains subject to the approval of the TSX Venture Exchange.
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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 including Hamamatsu Photonics (Japan), 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 Zecotek Photonics, follow @zecotek on Twitter and “like” us in Facebook.
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
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.