Symbol: TSXV: CYM
MISSISSAUGA, ON, May 4, 2021 /CNW/ - Cymat Technologies Ltd.
(TSXV: CYM) (the "Company" or "Cymat"). Further to
its press release dated April 26,
2021, Cymat is pleased to announce the completion of a
non-brokered private placement of 7,719,723 equity units (the
"Units") at an issue price of $0.65 per Unit (the "Issue Price"), for
aggregate proceeds of $5,017,820 (the
"Offering"). Higher-than-anticipated demand for the Offering
led to the increase in participation beyond the $4.3 Million in commitments previously
announced.
Each Unit is comprised of of one (1) common share in the
capital of the Company (a "Common Share") and one half (1/2)
of a Common Share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant entitles the holder to purchase one
Common Share at an exercise price of $0.90 for a twenty-four (24) month period. The
Company engaged Eight Capital to act as an advisor in connection
with this Offering. Cymat will also issue 770,000 Options in
compensation for advisory services. Each Option will entitle the
holder to purchase one Unit at the Issue Price for an eighteen (18)
month period.
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. The Offering is subject to TSX
Venture Exchange final review.
Cymat CEO Michael Liik stated,
"We are extremely pleased by the overwhelming interest in this
offering. The proceeds will allow us to both upgrade our production
facility and accelerate key business development initiatives. As
well, our significantly enhanced balance sheet will undoubtedly
strengthen Cymat's negotiating position with OEMs."
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.
Not intended for distribution to United States Newswire
Services or for dissemination in the
United States. Any failure to comply with this restriction
may constitute a violation of United States Securities
laws.
SOURCE Cymat Technologies Ltd.