Zecotek arranges $1.5-million private placement
Zecotek Photonics Inc (C:ZMS)
Shares Issued 68,451,588
Last Close 9/17/2012 $0.365
Tuesday September 18 2012 - News Release
Mr. Michael Minder reports
ZECOTEK ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Zecotek Photonics Inc. has arranged for a non-brokered private placement of 4,166,667 units of the company at a price of 36 cents per unit for gross proceeds of $1.5-million.
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 50 cents 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 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 divisions, to build and maintain patents of the intellectual-property portfolio, and for general working capital purposes. Pursuant to the financing, the company may pay a finder's fee. All shares and warrants are subject to a four-month hold period.
We seek Safe Harbor.
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