New York, Oct. 23 - Zecotek Photonics Inc. said it completed an upsized C$3,732,750 million private placement of units, increased from the original C$1,222,200.
The company sold 5,925,000 units, up from 1.94 million, at C$0.63 apiece. Each unit consists of one common share and a warrant, with each warrant exercisable at C$1.00 for two years.
The warrants may expire earlier if the company's shares trade above C$1.50 for 10 consecutive trading days.
Proceeds will be used for general working capital purposes.
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.
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Issue: | Units of one common share and a warrant
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Amount: | C$3,732,750
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Units: | 5,925,000
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Price: | C$0.63
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.00
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Pricing date: | Aug. 19
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Settlement date: | Oct. 23
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Stock symbol: | TSX Venture: ZMS
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Stock price: | C$0.72 at close Aug. 18, C$0.78 at close Oct. 23
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Market capitalization: | C$34.4 million
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