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SINGAPORE, Nov. 12, 2014 /CNW/ - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I), a developer of leading-edge photonics technologies for industrial, healthcare and scientific markets, today announced that it has increased the private placement announced on October 23, 2014 by $1,000,000.
The Company also announced it has closed on the first tranche of the previously announced private placement by selling 8,057,140 units of the Company at a price of $0.35 per unit for gross proceeds of $2,819,999.
Each Unit consists 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.
Net proceeds from the funds raised will be used for general working capital and to commercialize the Company`s portfolio of photonic technologies.
Maison Placements Canada Inc. (Maison) is the lead agent for the private placement. Pursuant the first tranche of the financing, Zecotek paid finder's fees and agents commission of $197,399.94 and issued non-transferable finder's warrants to purchase an aggregate of 563,998 Common Shares at $0.50 per share before November 12, 2016. All shares and warrants are subject to a four-month hold period expiring on March 13, 2015.
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 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., Michael Minder, T: (604) 783-8291, [email protected]