Business
Cymat Receives Proceeds of Financing
Listing:  TSX-V Symbol:  CYM TORONTO , Jan. 16, 2014 /CNW/ - Today Cyma...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\nListing: TSX-V\nSymbol: CYM\n\n\nTORONTO, Jan. 16, 2014 /CNW/ - Today Cymat Technologies Ltd. (the\n \"Company\" or \"Cymat\") announced that it has received $100,000 of new\n financing.  These proceeds are the first installment in a financing\n arrangement that is expected to provide up to $300,000 in funds.  The\n arrangement is in the form of a promissory note (the \"Note\") with an\n interest rate of 12% per annum and additional consideration of a 1%\n perpetual royalty on gross sales per $100,000 of advanced funds,\n secured by the Company's intellectual property.  The Note matures on\n July 31, 2014.  The Company expects to use these funds as bridge\n financing until a more comprehensive convertible debt financing is\n arranged.  As a condition of this financing, advances previously\n received from a related party in the aggregate amount of $218,000 have\n also been rolled-over into this Note.\n\n\nAbout Cymat:\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 low density, mechanical energy\n absorption, thermal and acoustic insulation, is recyclable, time and\n temperature insensitive and has a relatively low cost of production.\n Cymat is collaborating with a number of partners spanning the\n architectural, blast mitigation and automotive industries. For further\n information, visit the Web site www.cymat.com.\n\n\n\nSOURCE Cymat Technologies Ltd.\n\n\n\n Investors and Media: Michael Liik Executive Chairman Cymat Technologies Ltd. Tel: (416) 682-4214 Email: [email protected] Copyright CNW Group 2014","length":2688,"tagName":"div"}]