Published on October 24, 2009 at 1:49 AM
Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that it has increased and subsequently closed the non-brokered private placement previously announced on August 19, 2009. The Company has sold 5,925,000 units of the Company at a price of $0.63 per unit for gross proceeds of $3,732,750, an increase from the original offering of 1,940,000 units at $0.63 per unit for $1,222,200.
Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $1.00 per common share at any time on or before the 24-months anniversary of the closing of the offering. The Warrant's exercise period will automatically accelerate if the common shares of the Company trade above $1.50 for a period of 10 consecutive trading days. Net proceeds from the funds raised will be used for general working capital purposes.
Pursuant to the financing, the Company will pay a finder's fee equal to 7% of the gross proceeds of the sale of the Shares and issue non-transferable finder's warrants to purchase common shares equal in number to 6% of the units sold under the private placement. Each finder's warrant entitles the holder to purchase one Share at $1.00 for a period of 24 months after the date the private placement closes. All shares and warrants are subject to a four-month hold period expiring on February 24, 2010.
http://www.zecotek.com/
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