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Symbol: TSXV: CYM
MISSISSAUGA, ON, April 26, 2021 /CNW/ - Cymat Technologies
Ltd. (TSXV: CYM) (the "Company" or "Cymat"). Today,
Cymat announced that it has secured commitments to raise
$4.3 Million from a non-brokered
private placement of equity Units (the "Offering").
Each Unit will be priced at $0.65
with one Unit consisting of one (1) Common Share and one half (1/2)
of a Common Share purchase Warrant. Each full Warrant will entitle
the holder to purchase one Common Share at a price of $0.90 for a twenty-four (24) month period
following the closing date of the financing. The Company has
engaged Eight Capital to act as an advisor in connection with this
financing. It is expected that the Offering will be completed on or
about April 30, 2021.
The Company plans to use the proceeds from this financing to
undertake production capacity and productivity upgrades in its
plant to support both growth in its AlusionTM product
line and anticipated growth from SmartMetalTM
initiatives. Cymat will also use these funds to expand its business
development endeavors primarily in the automotive sector and,
for general corporate purposes.
Cymat CEO Michael Liik stated,
"This financing will not only enhance our plant output and business
development initiatives but more importantly, provide us with the
balance sheet strength to effectively negotiate with OEMs for
anticipated future projects." Mr. Liik further remarked, "We
are thrilled to be working with Eight Capital, an established
institutional invesmtent bank that we believe will help take us to
the next level."
About Cymat Technologies Ltd.
Cymat Technologies Ltd. has the global rights, through patents
and established know-how, to manufacture 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 AlusionTM brand and its automotive and military SAF
under the SmartMetalTM brand. For further information ,
please visit our website at https://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.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The Shares have
not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold in the
United States, or to or for the account or benefit of any
person in the United States,
absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy any common
shares in the United States, or in
any other jurisdiction in which such offer, solicitation or sale
would be unlawful. We seek safe harbour.
Neither the Toronto Venture Exchange (TSXV) nor its Market
Regulator (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
SOURCE Cymat Technologies Ltd.