May 26, 2016
Zecotek Increases Non-Brokered Private Placement to $925,000 and Closes First Tranche of $678,000
Singapore, May 26, 2016 - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I) (the “Company”), 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 May 19, 2016 to $925,000. The Company also announced it has closed on the first tranche of the private placement by selling 2,259,997 units of the Company at a price of $0.30 per unit for gross proceeds of $678,000.
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 until May 26, 2018.
The Company paid finder’s fees on the first tranche consisting of cash fees totalling $47,459.94 and issued 158,200 finder’s warrants. Each finder’s warrant entitles the holder to acquire one common share at an exercise price of $0.43 per common share until May 26, 2018.
All securities issued in the first tranche are subject to a four-month hold period expiring on September 27, 2016.
Net proceeds from the funds raised will be used to complete the transfer of technology for the purpose of immediate commercialization, to strengthen and maintain patents of the Company’s IP portfolio, for purchase order financings and general working capital purposes.
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, 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.
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.