Maison Placements assists in selling equity units at C$0.35 per unit
By Devika Patel
Knoxville, Tenn., Dec. 1 – Zecotek Photonics Inc. said it raised C$1.75 million in the second and final tranche of a C$4.57 million private placement of units on Nov. 28. Maison Placements Canada Inc. is the lead agent for the deal, which priced for C$3.5 million on Oct. 23 and was increased to C$3.5 million from C$2.5 million on Nov. 12, when the company raised C$2.82 million in the first tranche.
The company sold 13,060,213 units of one common share and one warrant at C$0.35 per unit on a best-efforts basis. It sold 8,057,140 units in the initial tranche and 5,003,073 units in the second tranche.
Each warrant is exercisable at C$0.50 for two years. The strike price is a 51.52% premium to the Oct. 22 closing share price of C$0.33.
Proceeds will be used for general working capital and to commercialize the company`s portfolio of photonic technologies.
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 warrant
|
| Amount: | C$4,571,075
|
| Units: | 13,060,213
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Maison Placements Canada Inc. (lead)
|
| Pricing date: | Oct. 23
|
| Upsized: | Nov. 12
|
| Settlement dates: | Nov. 12 (for C$2,819,999), Nov. 28 (for C$1,751,076)
|
| Stock symbol: | TSX Venture: ZMS
|
| Stock price: | C$0.33 at close Oct. 22
|
| Market capitalization: | C$33.43 million
|
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