Business
CYMAT Completes $2.64 Million Private Placement Financing
Listing: TSX Symbol: CYM TORONTO, April 30 /CNW/ - Cymat Technologies Ltd. ("Cymat" or the "Compa...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nListing: TSX\nSymbol: CYM\n\n\nTORONTO, April 30 /CNW/ - Cymat Technologies Ltd. ("Cymat" or the\n"Company") today announced that it has completed its non-brokered private\nplacement financing in the amount of $2,640,280. Fraser MacKenzie acted as the\nCompany's fiscal advisor in connection with the offering. The Company issued a\ntotal of 9,031,190 Units (comprising a common share and a warrant to purchase\na common share) at $0.14 per Unit and 9,827,945 Subscription Receipts (which\nbecome Units on approval by the Company's shareholders of the issue of the\nsecurities underlying the Units), also at $0.14 per Subscription Receipt.\n\n\nThe warrants expire 2 years from closing of the transaction and are\nexercisable as follows: $0.25 for a period of 12 months following closing and\n$0.35 for the 12 months thereafter.\n\n\nThe net proceeds from the issue of Units (less certain escrowed amounts\npertaining to the Subscription Receipts) were paid to Cymat at closing. The\nproceeds from the issue of Subscription Receipts plus the other escrowed\namounts referred to above will be held in escrow pending shareholder approval\nof the issuance of the Units underlying the Subscription Receipts. Upon\nobtaining such shareholder approval, the Subscription Receipts will be deemed\nto be immediately exercised and the net proceeds from the sale of Subscription\nReceipts plus certain escrowed amounts will be paid to the Company. If\nshareholder approval is not obtained within the specified period, the gross\nproceeds attributable to the issue of Subscription Receipts, together with\naccrued interest, will be refunded to subscribers. Cymat intends to seek\nshareholder approval as soon as practicable.\n\n\nThis funding will enhance Cymat's financial resources as it continues to\nmeet increased product demand from each of it's 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"With the high demand for our products - particularly our military\nSmartMetal, we expect to fully commercialize Cymat by the end of calendar year\n2009," said Cymat President, Tim Hardman. &qu...