SINGAPORE--(Marketwired - July 26, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Zecotek Photonics Inc. (TSX VENTURE: ZMS) (FRANKFURT: W1I),a developer of leading-edge photonics technologies for healthcare, industrial and scientific markets, today announced that the Company has closed on the first tranche of the private placement, previously announced on July 18, 2017, by selling 3,995,000 units (each a "Unit") of the Company at a price of $0.30 per Unit for gross proceeds of $1,198,500.
Each unit of the Company 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 finder's fees on the tranche consisting of cash fees totalling $45,195 and issued 150,650 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 November 27, 2017.
Net proceeds from the funds raised will be used for general working capital purposes including the manufacture of products and strengthening and maintaining the Company's IP portfolio.
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, 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