TORONTO, Oct. 6, 2016 /CNW/ - Today, Cymat Technologies Ltd. (the "Company" or "Cymat") announced the completion of a $500,000 issuance of Equity Units raised via a non-brokered Private Placement Financing (the "Financing").
The Financing consists of Equity Units priced at $0.20 per Unit with each Unit consisting of one Common Share and one half of a Common Share Purchase Warrant (the 'Warrants"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.25 until October 6, 2018. A four month plus 1 day hold period applies to the Debentures and Warrants.
Cymat is pleased to welcome a strategic investor, Aliberico, SL ("Aliberico"), as a participant in the Financing. Aliberico is the largest private company in Spain engaging in the manufacture of aluminum products. Industry sectors supplied by Aliberico's expanse of aluminum goods include the construction, packaging, pharmaceutical, transportation, industrial machinery, consumer goods and solar energy sectors. The Aliberico Group has an international reach, encompassing 35 companies with a manufacturing and sales presence on five continents across 60 countries.
"Completion of this Financing provides Cymat with the working capital needed to fulfill orders from our expanding sales pipeline," stated Michael Liik, Cymat's Executive Chairman. Mr. Liik added: "It is particularly gratifying to have a Company of Aliberico's caliber as a significant participant in this financing. Our board and management team are enthused by the possibility of synergies resulting from our new relationship with Aliberico."
The Company has submitted the required documents for final TSX-Venture approval. The Financing proceeds will be used for general working capital purposes.
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.
SOURCE Cymat Technologies Ltd.
For further information: Investors and Media: Michael Liik, Executive Chairmanm Cymat Technologies Ltd., Cell: (416) 704 - 6217, Email: Liik@cymat.com