Updated on 5 September 2013
Zecotek Photonics has sold its 5,966,938 units at a price of $0.58 per unit for gross proceeds of $3,460,824.
Singapore: Canada-based Zecotek Photonics, a developer of leading-edge photonics technologies for medical, industrial and scientific markets, has announced that the company has increased the non-brokered private placement announced on August 20, 2013 by an additional $260,000 and closed on the financing.
Zecotek Photonics 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 medical, high-tech and industrial sectors.
The company has sold its 5,966,938 units at a price of $0.58 per unit for gross proceeds of $3,460,824. 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 $0.75 per common share at any time on or before September 4, 2015. 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 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.
The company paid finder's fees consisting of cash fees totaling $234,039.76 and finder's warrants to purchase a total of 403,516 common shares at $0.75 per share until September 4, 2015. All securities issued are subject to a four-month hold period expiring on January 5, 2014.