SINGAPORE, Aug. 23, 2013 /CNW/ - 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
$1,000,000. The Company is offering 5,517,241 units of the Company at
a price of $0.58 per unit for gross proceeds of $3,200,000.
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 $0.75 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 the transfer
of technology for the purpose of immediate commercialization,
strengthen and maintain patents of the Company's IP portfolio, for
purchase order financings and 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 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, follow @zecotek on Twitter and "like" us in Facebook at www.facebook.com/zecotek.
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.
SOURCE: Zecotek Photonics Inc.
For further information:
Zecotek Photonics Inc.
T: (604) 783-8291