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Cymat Technologies Ltd. Announces Close of $5 Million Equity Financing
Cymat Technologies Ltd. Announces Close of $5 Million Equity Financing Canada N...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n \n \n \n Cymat Technologies Ltd. Announces Close of $5 Million Equity Financing\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 Symbol: TSXV: CYM\n \n \n \n \n MISSISSAUGA, ON\n \n ,\n \n May 4, 2021\n \n /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the \"\n \n Company\n \n \" or \"\n \n Cymat\n \n \"). Further to its press release dated\n \n April 26, 2021\n \n , Cymat is pleased to announce the completion of  a non-brokered private placement of 7,719,723 equity units (the \"\n \n Units\n \n \") at an issue price of\n \n $0.65\n \n per Unit (the \"\n \n Issue Price\n \n \"), for aggregate proceeds of\n \n $5,017,820\n \n (the \"\n \n Offering\n \n \"). Higher-than-anticipated demand for the Offering led to the increase in participation beyond the\n \n $4.3 Million\n \n in commitments previously announced.\n \n \n \n \n \n \n \n \n \n Each Unit is comprised of  of one (1) common share in the capital of the Company (a \"\n \n Common Share\n \n \") and one half (1/2) of a Common Share purchase warrant (each whole warrant, a \"\n \n Warrant\n \n \"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of\n \n $0.90\n \n for a twenty-four (24) month period. The Company engaged Eight Capital to act as an advisor in connection with this Offering. Cymat will also issue 770,000 Options in compensation for advisory services. Each Option will entitle the holder to purchase one Unit at the Issue Price for an eighteen (18) month period.\n \n \n The Company plans to use the proceeds from this financing to undertake production capacity and productivity upgrades in its plant to support both growth in its Alusion\n \n TM\n \n product line and anticipated growth from SmartMetal\n \n TM\n \n initiatives. Cymat will also use these funds to expand its business development endeavors  primarily in the automotive sector and, for general corporate purposes. The Offering is subject to TSX Venture Exchange final review.\n \n \n Cymat CEO\n \n Michael Liik\n \n stated, \"We are extremely pleased by t...