Deal will help complete licensing agreements and technology transfer
By Devika Patel
Knoxville, Tenn., Oct. 19 - Zecotek Photonics Inc. said it plans a non-brokered private placement of units.
The company will sell 2,830,188 units of one common share and one half-share warrant at C$0.53 per unit for C$1.5 million. Each whole warrant will be exercisable at C$0.70 for two years. The strike price represents a 66.67% premium to the Oct. 18 closing share price of C$0.42.
Proceeds 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 IP portfolio and for general working capital.
Based in Vancouver, B.C., Zecotek is a photonics technology company developing high-performance crystals, photo detectors, lasers, optical imaging and 3D display technologies for commercial applications in the medical diagnostics and high-tech industry.
| Issuer: | Zecotek Photonics Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 2,830,188
|
| Price: | C$0.53
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 19
|
| Stock symbol: | TSX Venture: ZMS
|
| Stock price: | C$0.42 at close Oct. 18
|
| Market capitalization: | C$26.7 million
|
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