By Sheri Kasprzak
New York, May 12 - Zecotek Medical Systems Inc. wrapped its previously announced private placement, including the over-allotment option, for C$5,750,460.
The company issued 6,389,400 units at C$0.90 apiece, including the greenshoe for 833,400 units exercised by agent Research Capital Inc.
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 deal priced April 3 as a C$5,000,400 offering of up to 5,556,000 units. Research had been granted a greenshoe for up to 15% of the offering size.
Proceeds will be used for research and 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.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5,750,460
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| Units: | 6,389,400 (Greenshoe for 833,400 units)
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.30
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| Placement agent: | Research Capital Inc.
|
| Pricing date: | April 3
|
| Settlement date: | May 11
|
| Stock symbol: | TSX Venture: ZMS
|
| Stock price: | C$1.05 at close March 31
|
| Stock price: | C$1.76 at close May 11
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