Zecotek Raises $2.4M in Private Placement
SINGAPORE, June 10, 2013 — Zecotek Photonics Inc. has increased the nonbrokered private placement it announced March 27 by $900,000, bringing its private placement funding to $2.4 million.
The company sold almost 3 million of its units at 36 cents per share in its second tranche, netting gross proceeds of $1.1 million. Under the private placement, it has now sold more than 6.7 million units, for total gross proceeds of $2.4 million.
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 50 cents per common share any time on or before June 7, 2015. The exercise period will automatically accelerate if the company’s common shares trade above $1 for a period of 10 consecutive trading days.
Net proceeds will be used to complete licensing agreements and technology transfer for commercialization, to build and maintain patents and for general working-capital purposes.
All securities issued are subject to a four-month hold period, expiring Oct. 8, 2013.
For more information, visit: www.zecotek.com
MORE FROM PHOTONICS MEDIA