By Sheri Kasprzak
New York, April 3 - Zecotek Medical Systems Inc. said it has negotiated a private placement for up to C$5,000,400 and at least C$3,000,600.
The company plans to sell up to 5,556,000 and at least 3,334,000 units at C$0.90 each.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$1.30 for 18 months.
The expiry of the warrants will be accelerated to 45 days if the company's stock trades above C$2.00 for more than 20 consecutive trading days.
The offering includes a greenshoe for up to 15% of the units included in the offering.
Proceeds will be used for research, development and working capital.
Based in Vancouver, B.C., Zecotek develops bio-photonics technologies used for high-resolution medical imaging and optical surgery.
| Issuer: | Zecotek Medical Systems Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5,000,400
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| Units: | 5,556,000 (maximum), 3,334,000 (minimum)
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| Greenshoe: | For up to 15% of the offering
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| Price: | C$0.90
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$1.30
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| Pricing date: | April 3
|
| Stock symbol: | TSX Venture: ZMS
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| Stock price: | C$1.05 at close March 31
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