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$1.6 Million Financing Closed
February 04, 2016
Zecotek Closes Second Tranche of $1.6 Million Private Placement
 

Singapore, February 4, 2015 - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I) (the "Company"), a developer of leading-edge photonics technologies for healthcare, scientific and industrial  markets, today announced that it has closed on the second tranche of the private placement, announced on December 9, 2015, by selling 1,301,889 units of the Company at a price of $0.36 per unit for gross proceeds of $468,680. The Company sold an aggregate of 4,385,889 units at a price of $0.36 for total gross proceeds of $1,578,920.

 

Each unit consists of one common share and one common share purchase warrant.  Each warrant of the second tranche entitles the holder to acquire one common share at an exercise price of $0.53 per common share until February 4, 2018.

 

The Company paid finder's fees on the second tranche consisting of cash fees totalling $17,180.80 and issued 47,724 finder's warrants. Each finder's warrant entitles the holder to acquire one common share at an exercise price of $0.53 per common share until February 4, 2018.

 

All securities issued for the second tranche are subject to a four-month hold period expiring on June 5, 2016.

 

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.

 

About Zecotek

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 healthcare, scientific and industrial markets. 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  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.

 

For Additional Information Please Contact:

Zecotek Photonics Inc.       

Michael Minder

T: (604) 783-8291   

ir@zecotek.com

 

 

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.

 

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