Business
CYMAT Announces Advisory Agreement with Fraser MacKenzie Limited for Private Placement of Shares
Listing: TSX Symbol: CYM TORONTO, March 10 /CNW/ - Cymat Technologies Ltd. today announced that i...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nListing: TSX\nSymbol: CYM\n\n\nTORONTO, March 10 /CNW/ - Cymat Technologies Ltd. today announced that it\nhas engaged Fraser MacKenzie as an advisor to assist the Company with a\nnon-brokered private placement of its common shares and common share warrants\nfor gross proceeds of a minimum of $1.5 million. Each unit will consist of one\ncommon share and one purchase warrant with a 24 month expiry. Pricing of the\ncommon shares will be $0.16. The warrant strike price will be $0.25 for the\nfirst 12 months and $0.35 for the second 12 months. The transaction is\nexpected to close within 45 days.\n\n\nThis private placement was precipitated by significant European\ninstitutional interest for Cymat treasury shares.\n\n\nThis funding will enhance Cymat's financial resources as it continues to\nmeet increased product demand from each of its three market verticals -\narchitectural, automotive and military. In particular, the Company anticipates\nsignificant revenue growth in its military business. Proceeds from this\nfinancing will be used to increase production capacity to facilitate same and\nto provide general working capital.\n\n\n"This financing, coupled with the substantial revenue potential from our\nthree target markets, will allow Cymat to accelerate sales to achieve its\nprimary goal of achieving profitability at the earliest possible time," said\nMichael Liik, Executive Chairman of Cymat.\n\n\nAbout Cymat:\n\n\nCymat develops innovative materials for industry. The company has\nworldwide rights, through patents and licenses, for producing Stabilized\nAluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas\nthrough molten alloyed aluminum containing a dispersion of fine ceramic\nparticles and can be produced as either Near-net Shapes or Flat Panels. The\nresult is a revolutionary material with a wide array of features including\nvery low density, mechanical energy absorption, thermal and acoustic\ninsulation, is recyclable, time and temperature insensitive and has a\nrelatively low cost of production. Cymat is collaborating with a number of\npartners spanning the automotive, architectural and blast mitigation\nindustries. For further information, visit the Web site www.cymat.com.\n\n\nThe foregoing press release contains forward-looking statements relating\nto Cymat's business, the developm...