Singapore, March 27, 2013 - 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 arranged for a non-brokered private placement of 3,611,111 units of the Company at a price of $0.36 per unit for gross proceeds of $1,300,000.
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 $0.50 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 $1.00 for a period of 10 consecutive trading days.
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. Pursuant to the financing, the Company may pay a finder's fee. All shares and warrants are subject to a four-month hold period.
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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 scanner technologies, 3D auto-stereoscopic displays, fiber lasers and waveguide micro lasers for applications in medical, high-tech and industrial sectors. Founded in 2003, Zecotek operates three divisional companies: Zecotek Imaging (medical, industrial and research), Zecotek Lasers (industrial and research) and Zecotek 3D (monitors for multimedia, entertainment, industrial and medical). The Company has labs located in Canada, Singapore and Russia, with affiliated R&D and production facilities in USA, China, and South Korea. Zecotek commercializes its novel, patented and patent-pending photonic technologies directly and through strategic alliances with multinational OEMs, distributors and other industry leaders. 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. | |
|Michael Minder T: (604)| |
|783-8291 firstname.lastname@example.org| |
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