Deal sells 5,517,241 units with half-share warrants at C$0.58 per unit
By Devika Patel
Knoxville, Tenn., Aug. 26 - Zecotek Photonics Inc. said it increased its non-brokered private placement of units to C$3.2 million from C$2.2 million on Friday. The deal priced on Aug. 20.
The company will now sell 5,517,241 units of one common share and a half-share warrant at C$0.58 per unit. Each whole warrant will be exercisable at C$0.75 for two years. The warrant strike price is a 20.97% premium to the Aug. 19 closing share price of C$0.62.
Proceeds will be used to complete the technology transfer for immediate commercialization, to strengthen and maintain IP patents, for purchase order financings and for general working capital purposes.
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 a half-share warrant
|
| Amount: | C$3.2 million
|
| Units: | 5,517,241
|
| Price: | C$0.58
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 20
|
| Upsized: | Aug. 23
|
| Stock symbol: | TSX Venture: ZMS
|
| Stock price: | C$0.62 at close Aug. 19
|
| Market capitalization: | C$51.21 million
|
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