Zecotek Photonics (ZMS-V) increases financing, closes second tranche
June 7, 2013 - News Release
Zecotek Photonics Inc. has increased the non-brokered private placement announced on March 27, 2013, by $900,000. The Company, today, closed the second tranche pursuant to which it sold 2,980,111 units of the Company at a price of $0.36 per unit for gross proceeds of $1,072,840. Under the private placement, the Company has now sold a total of 6,764,553 units of the Company at a price of $0.36 per unit for total gross proceeds of $2,435,239.
Each unit under the second tranche consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.50 per common share at any time on or before June 7, 2015. The warrant's exercise period will automatically accelerate if the common shares of the Company trade above $1.00 for a period of 10 consecutive trading days.
For the second tranche, the Company paid finder's fees consisting of cash fees totalling $61,669.99 and finder's warrants to purchase a total of 171,305 common shares at $0.50 per share until June 7, 2015.
All securities issued are subject to a four-month hold period expiring on October 8, 2013.
Net proceeds from the funds raised will be used to complete licensing agreements and technology transfer for commercialization, to build and maintain patents of the Company's IP portfolio and for general working capital purposes.
We seek Safe Harbor.' |
