TORONTO, June 27, 2019 /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 2,092,952 Units at a price of $0.315 per unit for gross proceeds of $659,280.
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 $0.525 for a period of three years from the date of issuance. The Warrant will have an accelerated expiry clause that may be exercised by the Company should the should the 10-day volume weighted average price of the common shares, as traded on the TSX Venture Exchange, be equal to or greater than $1.05.
The Financing proceeds will be used for the purchase of equipment and for general working capital purposes. Cymat has submitted the required documents for final TSX Venture Exchange approval.
"This financing allows us to optimize our existing plant infrastructure in preparation for the launch of our new AlusionTM Plus architectural aluminum foam and to support the continued development of the sandwich panel initiative with Alucoil in Spain," said Cymat CEO Michael Liik.
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.