March 29, 2011Joint Institute for Nuclear Research for CERN COMPASS Experiment to Use Solid-State Photo Detectors
February 10, 2010Prestigious University to use Zecotek's LFS Crystals for Next-Generation PET Program
April 15, 2009Zecotek Establishes Ongoing Relationship with CERN with Initial Order of MAPD photo detectors
March 03, 2009Zecotek Closes Financing and Receives Grant Money from the Gov't of Malaysia and Singapore
December 03, 2007Demonstration of 32 inch 3D Display and Insight Media to Advise with 3D Market Entry
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Zecotek Raises $6.5 Million
February 17, 2011
Zecotek Closes Second Tranche of Non-Brokered Private Placement
Singapore, February 17, 2011 - 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 closed on the second and final tranche of the non-brokered private placement announced on January 18, 2011. The Company has sold 3,373,000 units of the Company at a price of $0.53 per unit for gross proceeds of $1,787,690. Together with the first tranche which closed on February 9, 2011, Zecotek has raised aggregate gross proceeds of $6,504,690.
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 $0.70 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 $1.25 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 in the Company’s three operating division, to build and maintain patents of the IP portfolio and for general working capital purposes.
Pursuant to the second tranche of the financing, the Company will pay finder's fees of $95,241 and issued 209,650 non-transferable finder's warrants. Each finder's warrant entitles the holder to purchase one Share at $0.70 for a period of 24 months after the date the private placement closes. All shares and warrants are subject to a four-month hold period expiring on June 18, 2011.
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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.
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