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CYMAT Announces $1.25 Million First Tranche Closing of $2 Million Convertible Debenture
Listing:  TSX-V Symbol:  CYM TORONTO , July 16, 2014 /CNW/ - Today, Cym...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\nListing: TSX-V\nSymbol: CYM\n\n\nTORONTO, July 16, 2014 /CNW/ - Today, Cymat Technologies Ltd. (the\n \"Company\" or \"Cymat\") announced that it has arranged a non-brokered\n Private Placement Financing (the \"Financing\") to raise up to $2 Million\n through the issuance of 2,000 Convertible Debenture Units (the \"Units\")\n priced at $1,000 per Unit.\n\n\nThe Units consist of Convertible Debentures (the \"Debentures\") in the\n principal amount of $1,000 and 5,000 Common Share Purchase Warrants\n (the 'Warrants\"). The Debentures bear interest at a rate of 12% per\n annum, mature on June 30, 2017, and - up until maturity, at the option\n of the holder (at no additional cost) are convertible into 5,000\n free-trading Common Shares four months and 1 day after the closing of\n this Unit Financing. Each Warrant entitles the holder to purchase an\n additional Common Share at an exercise price of $0.25 until June 30,\n 2017.\n\n\nThe holders of the existing Promissory Note in the amount of $568,367\n issued by Cymat in January 2014 have agreed to exchange their principal\n and security for Units under this Financing.  As a result the Debenture\n Units will constitute a single class of senior securitized debt.\n Management/insiders are participating in this Financing.\n\n\nAs at the date of this release, Cymat has closed on a first tranche of\n $1.25 Million in Units. The Company anticipates closing of a second\n tranche of up to $750,000 by the end of July 2014, at which time the\n Company will issue a press release.  The proceeds from the first and\n second tranches of this Financing will be used for general working\n capital purposes.\n\n\nIn anticipation of this financing, Cymat Common Shares were consolidated\n on a 10:1 ratio on June 25, 2014. Following the consolidation Cymat has\n 14,407,187 issued and outstanding Common Shares.\n\n\nAbout Cymat:\n\n\nCymat develops innovative materials for industry. The company has\n worldwide rights, through patents and licenses, for producing\n Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured\n by bubbling gas through molten alloyed aluminum containing a dispersion\n of fine ceramic particles and can be produced as either Near-net Shapes\n or Flat Panels. The result is a revolutionary material with a wide\n array of features including very l...