Listing: TSX
Symbol: CYM
TORONTO, Nov. 5 /CNW/ - Cymat Technologies Ltd. today announced that it has completed its unsolicited and non-brokered private placement for the amount of $2,500,000. The company issued a total of 10,000,000 Units (comprised of a common share and one half common share warrant) at $0.25 per Unit. Frazer Mackenzie acted as our advisor on this transaction.
The warrants expire 18 months from closing of the transaction and have an exercise price of $0.35.
Proceeds from this financing will be used to increase production capacity, reduce order cycle times, hire additional staff to accelerate sales and provide general working capital.
"In addition to our success with Cymat's Alusion products, demand for our technology and products in the automotive and blast mitigation sectors has strengthened in the recent past," said Chris Skillen CEO of Cymat." These financial resources will allow the Company to accelerate business progress associated with its announced strategy of commercializing its technology," he continued.
In additional news, Cymat and its innovative products were featured in The History Channel's "Modern Marvels Aluminum" production. This production was the result of a full day visit to Cymat's facility in Toronto by their Los Angeles producer and crew. This segment has aired many times in the US and is expected to be shown in Canada shortly.
Cymat develops innovative materials for industry. The Company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a new strategic material with a wide array of benefits, including a good stiffness-to-weight ratio, mechanical energy absorption at low stress levels, thermal and acoustic insulation, recyclability and relatively low cost of production. Cymat is collaborating with a number of partners spanning the automotive, transportation and blast mitigation construction industries.
The foregoing press release contains forward-looking statements relating to the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include the availability of funding, existing and future relationships with suppliers and manufacturers, the results of research and development activities, risks of technological breakthroughs that make Cymat stabilized aluminum foam less attractive, risks relating to the breadth, scope and enforceability of intellectual property rights, general industry and market conditions, availability of qualified personnel, and reliance on co-development partners. For additional information with respect to these and other factors, see the reports filed by Cymat Technologies Ltd. with the Ontario Securities Commission. Cymat disclaims any intention or obligation to update or revise any forward-looking statements.
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