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