TORONTO, March 13, 2020 /CNW/ - Cymat Technologies Ltd. (the "Company" or "Cymat") is pleased to announce that, subject to TSX Venture Exchange approval, it has completed a non-brokered equity private placement financing of 561,538 Units at a price of $0.325 per unit for gross proceeds of $182,500.
Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle its holder to purchase one common share at $0.425 for a period of two years from the date of issuance.
The Financing proceeds will be used for the purchase of production equipment and for general working capital purposes.
"This financing supports the continuing development of our new AlusionTM Plus architectural aluminum foam as well the furtherance of the sandwich panel initiative with Alucoil in Spain," said Cymat CEO Michael Liik.
Additionally, Cymat provided further details regarding the $562,000 financing announced on December 19, 2019. That financing included a participant that was an Insider by virtue of their holdings exceeding ten percent of the outstanding Cymat shares. The Insider subscribed for 325,000 equity units at a price of $105,625. That Insider Subscription was deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company was exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(1)(a) of MI 61-101, respectively.
Cymat Technologies Ltd. is an innovative materials technology company employing a proprietary process to manufacture our unique Stabilized Aluminum Foam ("SAF"). Cymat SAF is an advanced lightweight recyclable material with a wide array of features including customizable density and dimensions, energy absorption and thermal and acoustic insulation. Cymat is focused on producing SAF for architecture, blast mitigation, automotive, transportation and industrial markets.
Cymat's architectural brand, AlusionTM, has become an accepted choice for superior and unique cladding and façade alternatives for the building industry. The AlusionTM brand is recognized globally, having completed projects on almost every continent.
Cymat's SmartMetalTM division has developed proven products for energy absorption applications including blast mitigation for the military sector and impact reduction for the nuclear energy sector. Cymat is working with numerous manufacturers and solution providers around the world for the integration of SmartMetalTM into kinetic energy management systems.
Cymat is based in Mississauga, just outside Toronto, where it operates a 2.400 sq. metre plant. For further information on Cymat, please visit our Web site www.cymat.com.
SOURCE Cymat Technologies Ltd.
For further information: Please contact: Investors and Media: Michael Liik, CEO, Cymat Technologies Ltd, 416-704-6217, [email protected]; Investor Cubed Inc.: Neil Simon, CEO, 647-258-3310, [email protected]