TORONTO, June 24, 2014 /CNW/ - Today Cymat Technologies Ltd. (the "Company" or "Cymat") announced the effective date for the consolidation of the Company's Common Shares on a ten old common shares for one new common share basis (the "Share Consolidation").
Effective at the opening of markets Wednesday, June 25, 2014, Cymat Common Shares will commence trading on the TSX Venture Exchange on a consolidated basis under the same stock symbol 'CYM'. The new CUSIP number is 23257A208. Shareholder approval for the Share Consolidation was obtained at the Company's Annual and Special Meeting held on December 19, 2014 and was subsequently approved by the TSX Venture Exchange.
The Share Consolidation is being undertaken to facilitate a private placement convertible debenture financing of approximately $1.35M expected to close in the beginning of July.
Following consolidation Cymat will have 14,407,187 issued and outstanding Common Shares. The change in the number of issued and outstanding Common Shares resulting from the Share Consolidation will not materially affect any shareholder's percentage ownership in the Company, although their respective ownership will be represented by a small number of Common Shares. All outstanding incentive stock options and share purchase warrants will be adjusted accordingly to reflect the Share Consolidation.
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.
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