Deal will help complete licensing agreements and technology transfer
By Angela McDaniels
Tacoma, Wash., Nov. 3 - Zecotek Photonics Inc. sold 2,773,584 units for C$0.53 each in a C$1.47 million non-brokered private placement, according to a company news release. The deal priced for C$1.5 million, or 2,830,188 units, on Oct. 19.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.70 for two years. The strike price is a 66.67% premium to the Oct. 18 closing share price of C$0.42.
The warrants' exercise period will automatically accelerate if the company's shares trade above C$1.25 for 10 consecutive trading days.
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 its 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$1.47 million
|
| Units: | 2,773,584
|
| 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
|
| Settlement date: | Nov. 3
|
| Stock symbol: | TSX Venture: ZMS
|
| Stock price: | C$0.42 at close Oct. 18
|
| Market capitalization: | C$26.7 million
|
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