Business
Cymat Completes $182,500 Equity Financing
Cymat Completes $182,500 Equity Financing Canada NewsWire TORONTO, March 13, 202...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nCymat Completes $182,500 Equity Financing\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\nCanada NewsWire\nTORONTO, March 13, 2020\n\n\n\nListing: TSX-V   Symbol: CYM\n TORONTO, March 13, 2020 /CNW/ - Cymat Technologies Ltd. (the \"Company\" or \"Cymat\") is pleased to announce that, subject to TSX Venture Exchange approval, it has completed a non-brokered equity private placement financing of 561,538 Units at a price of $0.325 per unit for gross proceeds of $182,500.\nEach unit consists of one common share and one common share purchase warrant.  Each warrant will entitle its holder to purchase one common share at $0.425 for a period of two years from the date of issuance. \nThe Financing proceeds will be used for the purchase of production equipment and for general working capital purposes.  \n\"This financing supports the continuing development of our new AlusionTM Plus architectural aluminum foam as well the furtherance of the sandwich panel initiative with Alucoil in Spain,\" said Cymat CEO Michael Liik. \nAdditionally, Cymat provided further details regarding the $562,000 financing announced on December 19, 2019. That financing included a participant that was an Insider by virtue of their holdings exceeding ten percent of the outstanding Cymat shares. The Insider subscribed for 325,000 equity units at a price of $105,625. That Insider Subscription was deemed to be a \"related party transaction\" as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company was exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(1)(a) of MI 61-101, respectively.\nAbout Cymat: \nCymat Technologies Ltd. is an innovative materials technology company employing a proprietary process to manufacture our unique Stabilized Aluminum Foam (\"SAF\"). Cymat SAF is an advanced lightweight recyclable material with a wide array of features including customizable density and dime...