Listing: TSX-V
Symbol: CYM
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.
About Cymat:
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.