Symbols: TSXV: CYM
OTCQB:
CYMHF
MISSISSAUGA, ON, April 18,
2023 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM)
(OTCQB: CYMHF) (the "Company" or "Cymat") is
pleased to provide an update further to its press release made
March 28, 2023, updating its
intention to reprice outstanding warrants and the initiation of a
warrant exercise incentive program.
The Company has received consent from all of the warrant holders
to reprice an aggregate of 3,859,862 outstanding common share
purchase warrants ("Warrants") issued pursuant to its
May 5, 2021 private placement. The
Warrants have an exercise price of $0.90 and an expiry date of May 5, 2023. Management believes repricing these
"out of the money" Warrants could encourage their earlier exercise,
improving the Company's balance sheet and helping to finance a
number of business development opportunities in the automotive and
military sectors. The Warrants will be deemed to be amended to
adjust their exercise price to $0.32
per share (the "Amended Warrants").
The Company also previously announced that if it obtains Warrant
Amendment Approval, it will institute a warrant exercise incentive
program (the "Incentive Program") designed to encourage the
early exercise of the 3,859,862 Amended Warrants. Under the
Incentive Program, the Company will offer an inducement to each
Warrant holder that exercises its Amended Warrants early by the
issuance of one additional Common Share purchase warrant (an
"Incentive Warrant") for each Warrant exercised. Each
Incentive Warrant will entitle the holder to purchase one
additional Common Share of the Company at a price of $0.50 for a period of two (2) years from the date
of the Warrant Amendment Approval and will be subject to a four
month and one day hold period from their date of issuance.
Approval of TSX Venture Exchange (the "Exchange")
("Warrant Amendment Approval") for the Warrant Amendments is
pending. The Company will issue a further press release when such
approval is granted. The Company intends for the Incentive Program
to be in effect for five (5) business days following the Warrant
Amendment Approval date.
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™ brand and its automotive and military SAF under
the SmartMetal™ brand. For further information, please visit
our website at www.cymat.com.
Company Contact:
Michael Liik CEO
Email: liik@cymat.com
Telephone: (416) 704-6217
Website: www.cymat.com
For further information please contact:
Investor Cubed Inc.:
Neil
Simon, CEO
Email: nsimon@investor3.ca
Telephone: (647)
258-3310
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 the proposed
amendments to the Warrants, the Company's proposed use of proceeds
from the exercise of the Amended Warrants and the Incentive
Warrants, 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 failure
to obtain the Warrant Amendment Approval, failure to obtain
Exchange approval for the Warrant amendments and the Incentive
Program, 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.
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SOURCE Cymat Technologies Ltd.