CYMAT provides financing update
TORONTO, Sept. 4, 2012 /CNW/ - Cymat Technologies Ltd. ("Cymat" or the "Company") today provided an update on its financing being raised through a non-brokered private placement (the "Private Placement", or "Placement"). The Company has completed the tranche of Preferred Unit/Units, raising gross proceeds of $327,500, in addition to the gross proceeds of $400,000 previously announced in May. Each Preferred Unit consists of one common share and one common share purchase warrant (the "Warrant"). Each Unit consists of one common share and one half of a Warrant. The Units and Preferred Units were priced at $0.05 each. Each whole Warrant entitles the holder to purchase one common share of the Company at a price of $0.10 per share for the period from the date of issuance until May 15, 2015. As the result of the issuance of Preferred Units and Units, the Company has issued 14,550,000 common shares and 13,775,000 common share purchase warrants (the "Warrant").
As part of this Placement, Cymat has also issued 3,856,400 Subscription Receipts for gross proceeds of $192,820. Each Subscription Receipt will become a Preferred Unit upon approval by the Company's shareholders of the issuance of the securities underlying the Subscription Receipts. The Company intends to seek such shareholder approval at the annual shareholder meeting to be held on September 26, 2012. The Company intends to continue its fundraising efforts up to the date of the shareholder meeting.
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the architectural, blast mitigation and automotive industries. For further information, visit the Web site www.cymat.com.
The foregoing press release contains forward-looking statements relating to the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include the availability of funding, existing and future relationships with suppliers and manufacturers, the results of research and development activities, risks of technological breakthroughs that make Cymat stabilized aluminum foam less attractive, risks relating to the breadth, scope and enforceability of intellectual property rights, general industry and market conditions, availability of qualified personnel, and reliance on co-development partners. For additional information with respect to these and other factors, see the reports filed by Cymat Technologies Ltd. with the Ontario Securities Commission. Cymat disclaims any intention or obligation to update or revise any forward-looking statements.
SOURCE: Cymat Technologies Ltd.For further information:
Investors and Media:
Cymat Technologies Ltd.
Tel: (416) 704 - 6217