TORONTO, July 4, 2017 /CNW/ - Today, Cymat Technologies Ltd. (the "Company" or "Cymat") reported that all of its 12% Convertible Debentures with an aggregate face value of $2,584,250 and a maturity date of June 30, 2017, were converted into Cymat Common Shares at the option of the debenture-holders in accordance with the Debenture agreements. As a result of the Debenture conversions, the Company has issued 12,921,250 Common Shares.
Additionally, Cymat reports that a total of 7,060,285 Warrants (exercise price of $0.25 per share, expiry date of June 30, 2017), issued in conjunction with the Debentures, were exercised. Exercise of the Warrants provided the Company with proceeds of $1,765,071. The remaining 5,960,965 of these Warrants expired, unexercised.
As a result of the Debenture conversion and Warrant exercise, approximately 37,124,330 Cymat Common Shares are issued and outstanding at the start of July 4, 2017. Additional securities issued and outstanding are 1,187,500 warrants with an expiry date of October 6, 2018, and 2,379,408 employee stock options.
Michael Liik, Cymat's Executive Chair, stated "We are pleased that the debt conversion leaves Cymat with a cleaner and stronger balance sheet and that the warrant exercise provides the Company with funds that can be utilized in the pursuit of its strategic goals including the composite panel joint venture with Alucoil."
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 either continuously produced in flat panels or as near-net shapes. 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.
For further information: Investors and Media: Michael Liik, Executive Chairman, Cymat Technologies Ltd., Mobile: (416) 704 - 6217, Email: [email protected]