TORONTO, April 24, 2015 /CNW/ - Today, Cymat Technologies Ltd. (the "Company" or "Cymat") announced that it has completed a $526,250 issuance of Convertible Debentures (the "Debentures") raised via a non-brokered Private Placement Financing (the "Financing").
The Financing consists of Debenture Units (the "Units") priced at $1,000 per Unit with each Unit consisting of Debentures in the principal amount of $1,000 and 5,000 Common Share Purchase Warrants (the 'Warrants"). The Debentures bear interest at a rate of 12% per annum, mature on June 30, 2017, and are convertible, at the option of the holder, into 5,000 Common Shares. Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.25 until June 30, 2017. A four month plus 1 day hold period applies to the Debentures and Warrants.
Conditional approval of this Financing was received from the TSX Venture Exchange on March 13, 2015 and the Company has submitted the required documents for final TSX-V approval. The Financing proceeds will be used for general working capital purposes.
Cymat is also pleased to announce that it has engaged Investor Cubed Inc. to provide investor relations and shareholder communication services effective April 24, 2015. Investor Cubed will be focused on increasing investor awareness while introducing Cymat to its network of investment advisors, investment dealers, institutions and other financial professionals. In connection with the engagement, Investor Cubed has been awarded a twelve-month consulting contract paying $5,000 monthly. In addition, Investor Cubed has been granted 100,000 share purchase options with an exercise price of $0.13 per share. The options will vest in quarterly tranches of 25,000 and will be governed by the provisions of the Company's stock option plan and the policies of the TSX Venture Exchange.
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.
About Investor Cubed Inc.
Investor Cubed provides specialized consulting services to a select group of leading companies, with an objective of broadening their exposure to the participants in the capital markets. Investor Cubed assists clients in gaining exposure to an established national network of financial industry professionals. This broad network includes investment advisors, bank owned investment dealers and leading independent financial firms. In addition, Investor Cubed provides traditional investor relations services including tailored national marketing and communications strategies.
SOURCE Cymat Technologies Ltd.
For further information: Investors and Media: Michael Liik, Executive Chairman, Cymat Technologies Ltd., Tel: (416) 682-4214, Email: Liik@cymat.com