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Cymat Announces Strategic Investment in Tesseract Structural Innovations and Board Appointment
Cymat Announces Strategic Investment in Tesseract Structural Innovations and Board Appoin...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n \n \n \n Cymat Announces Strategic Investment in Tesseract Structural Innovations and Board Appointment\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n MISSISSAUGA, ON\n \n ,\n \n Dec. 8, 2021\n \n /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the \"\n \n Company\n \n \" or \"\n \n Cymat\n \n \") is pleased to announce that the Company has made a strategic investment in Tesseract Structural Solutions Inc. (\"Tesseract\") and\n \n Michael Liik\n \n , Cymat CEO and Chairman, has been appointed to the Tesseract board of directors. Tesseract is an automotive design company specializing in the creation of light-weight solutions for crash energy absorption within automotive body structures.\n \n \n \n \n \n \n \n \n \n Cymat has invested\n \n USD 250,000\n \n into a convertible promissory note (the \"Note\") bearing interest at ten percent (10%) per annum and maturing on\n \n May 15, 2023\n \n (the \"Maturity Date\"). In the event that Tesseract issues equity for proceeds of\n \n USD 500,000\n \n or above prior to the Maturity Date, the Notes and any unpaid interest will convert to common equity. In addition, Cymat has entered into an agreement with Tesseract to appoint Mr. Liik (or a Cymat designated substitute under certain conditions) to the Tesseract board of directors for a 10 year term.  Cymat had previously entered into a marketing co-operation agreement with Tesseract (see press release issued\n \n Oct. 20, 2020\n \n ). Amongst other conditions, the agreement obligates Tesseract to deploy Cymat's SmartMetal\n \n TM\n \n stabilized aluminum foam (\"SAF\") exclusively into its components.\n \n \n \n Michael Liik\n \n , CEO, commented, \"We are thrilled to advance our relationship with Tesseract. The company's engineering and design capabilities, coupled with Cymat's unique SAF material and associated material science expertise, create an ideal platform to offer OEMs a suite of fully developed components for adoption into a variety of automotive structures or add-on solutions.\" Mr. Liik further adde...