TORONTO, Oct. 3, 2012 /CNW/ - Cymat Technologies Ltd. ("Cymat" or the "Company") today announced its completion of the Subscription Receipt tranche of its non-brokered private placement (the "Private Placement", or "Placement") and of its overall financing initiative announced in May 2012. The Company raised gross proceeds of $592,820 from the issuance of 11,856,400 Subscription Receipts. At the annual shareholders meeting held on September 26, 2012, Cymat shareholders approved the conversion of the Subscription Receipts into Preferred Units. Each Preferred Unit consists of one common share and one common share purchase warrant (the "Warrant"). Each 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.
In aggregate, Cymat has raised gross proceeds of $1,320,320 through this Placement, which has resulted in the issuance of 26,406,400 common shares and 26,461,400 Warrants, including warrants issued on account of finders fees.
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.
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