SINGAPORE--(Marketwired - April 27, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Zecotek Photonics Inc. (TSX VENTURE: ZMS) (FRANKFURT: W1I) (the "Company"), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that the Company has closed the private placement previously announced on April 25, 2017, by selling 1,866,667 units (each a "Unit") of the Company at a price of $0.30 per Unit for gross proceeds of $560,000.
Each Unit consists of one common share (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one Share at an exercise price of $0.43 per Share for a period of two years from closing.
The Company paid a finder's fee for this private placement consisting of a cash fee of $33,950 and 113,167 finder's warrants exercisable at a price of Cdn$0.43 per Share for a period of two years from closing.
All securities issued are subject to a four-month hold period expiring on August 28, 2017.
Net proceeds will be used for general working capital purposes including the manufacture of products and strengthening and maintaining the Company's IP portfolio.
In addition, as previously announced, the Company reports it continues to be engaged in the direct financing of its two wholly owned subsidiaries: Zecotek Imaging Systems Pte. Ltd. and Zecotek Display Systems Pte. Ltd. A divisional financing would minimize dilution at the public company level as, recent subsidiary valuations are significantly greater than the public entity Zecotek Photonics. Negotiations of divisional financings are ongoing in an effort to provide full autonomy to the two subsidiaries to meet the building demand for their respective photonic technologies.
Zecotek Photonics Inc. (TSX VENTURE: 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 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 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.
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.
For Additional Information Please Contact:
Zecotek Photonics Inc.
T: (604) 783-8291