TORONTO, March 17, 2020 /CNW/ - Cymat Technologies Ltd. (the "Company" or "Cymat") is pleased to announce that the Company has received TSX Venture Exchange approval for the equity financing announced on March 13, 2020. Accordingly, Cymat has closed its 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 up to March 17, 2022. No insiders participated in the financing and no finder's fees nor commissions are payable in connection with the financing.
As previously announced, the proceeds will be used for the purchase of production equipment and for general working capital purposes.
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.