Cymat Technologies Ltd. Announces $4.3 Million Equity Financing
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Symbol:TSXV: CYM
MISSISSAUGA, ON, April 26, 2021 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the "Company" or "Cymat"). Today, Cymat announced that it has secured commitments to raise $4.3 Million from a non-brokered private placement of equity Units (the "Offering").
Each Unit will be priced at $0.65 with one Unit consisting of one (1) Common Share and one half (1/2) of a Common Share purchase Warrant. Each full Warrant will entitle the holder to purchase one Common Share at a price of $0.90 for a twenty-four (24) month period following the closing date of the financing. The Company has engaged Eight Capital to act as an advisor in connection with this financing. It is expected that the Offering will be completed on or about April 30, 2021.
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 AlusionTM product line and anticipated growth from SmartMetalTM initiatives. Cymat will also use these funds to expand its business development endeavors primarily in the automotive sector and, for general corporate purposes.
Cymat CEO Michael Liik stated, "This financing will not only enhance our plant output and business development initiatives but more importantly, provide us with the balance sheet strength to effectively negotiate with OEMs for anticipated future projects." Mr. Liik further remarked, "We are thrilled to be working with Eight Capital, an established institutional invesmtent bank that we believe will help take us to the next level."
About Cymat Technologies Ltd.
Cymat Technologies Ltd. has the global rights, through patents and established know-how, to manufacture Stabilized Aluminum Foam ("SAF"), a unique, ultra-light, cellular metallic material. The proprietary production process entails the injection of gases through a molten bath of alloyed aluminum infused with ceramic particles. The result is an advanced, lightweight, recyclable material that exhibits unique characteristics including: customizable density and dimensions; mechanical energy absorption; thermal and acoustic insulation; and time, temperature and strain-rate insensitivity. A key benefit of this continuous foam production process is its scalability and resultant low cost of production. SAF is used in such industries as architectural design, military and automotive. Cymat markets its architectural SAF under the AlusionTM brand and its automotive and military SAF under the SmartMetalTM brand. For further information , please visit our website at https://www.cymat.com.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. We seek safe harbour.
Neither the Toronto Venture Exchange (TSXV) nor its Market Regulator (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Cymat Technologies Ltd.
Company Contact: Michael Liik CEO, Email: [email protected], Telephone: (416) 704-621, Website: www.cymat.com; For further information please contact: Investor Cubed Inc.: Neil Simon, CEO, Email: [email protected], Telephone: (647) 258-3310
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