Cymat Technologies Announces Proceeds of $1 Million from Warrant Exercise

MISSISSAUGA, ON, July 18, 2022 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the "Company" or "Cymat") is pleased to announce that it has received just over $1 million from the exercise of approximately 1.93 million common share purchase warrants. The Company intends to use the proceeds of the warrant exercise for general working capital purposes.

The warrants were issued as part of a public offering of units completed by Cymat in June 2019 (see press release dated June 27, 2019), with each warrant exercisable at $0.525 per common share. Approximately 92% of the warrants issued were exercised. Additionally, Cymat raised proceeds of $0.54 million from the exercise of management, board and consultant stock options which had an expiry date of July 13, 2022.

"I am extremely pleased to report a successful warrant exercise for the Company and continued support from our shareholders," commented Michael Liik, Chairman & CEO of Cymat. "The additional proceeds will be used for general working capital purposes as Cymat continues to ramp up production from increased sales."

About Cymat Technologies Ltd.

Cymat Technologies Ltd. has the global rights, through patents and established know-how, to manufacture and sell Stabilized Aluminum Foam ("SAF"), a unique, ultra-light, cellular metallic material. The proprietary production process entails the injection of gases through a molten bath of alloyed aluminum infused with ceramic particles. The result is an advanced, lightweight, recyclable material that exhibits unique characteristics including: customizable density and dimensions; mechanical energy absorption; thermal and acoustic insulation; and time, temperature and strain-rate insensitivity. A key benefit of this continuous foam production process is its scalability and resultant low cost of production. SAF is used in such industries as architectural design, military and automotive. Cymat markets its architectural SAF under the Alusion^TM brand and its automotive and military SAF under the SmartMetal^TM brand. For further information, please visit our website at www.cymat.com. 

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE Cymat Technologies Ltd.

Company Contact: Michael Liik CEO, Email: [email protected], Telephone: [phone], Website: www.cymat.com; For further information please contact: Investor Cubed Inc., Neil Simon, CEO, Email: [email protected], Telephone: [phone]