Financings
CYMAT ANNOUNCES RECEIPT OF $1.8M ORDER OF UNDERBELLY KITS FOR ASIAN MILITARY
CYM · Price
Executive Summary
- Cymat’s SmartMetal™ division received a $1.8 million purchase order for 176 aluminum‑foam underbelly blast‑protection kits from an Asian military vehicle manufacturer, marking the third order under the customer’s full‑rate production schedule.
- The initial supply agreement covers protection systems for approximately 350 vehicles, with delivery expected within 18 months and total contract value projected at $4–5 million.
- Cymat completed a non‑brokered private placement of 11,934,615 equity units at $0.13 per unit, raising $1.5515 million; each unit includes one common share and a warrant to purchase an additional share at $0.18 for 24 months.
Key Details
- Purchase Order: 176 underbelly kits valued at $1.8 M.
- Delivery Schedule: Kits to be delivered over the 2026 calendar year, with initial supply completed within 18 months.
- Vehicle Coverage: Initial order supports blast‑protection for ≈350 vehicles; customer plans a fleet of 700 vehicles.
- Total Contract Estimate: Full contract value anticipated at $4 M–$5 M.
- Customer Context: Asian military vehicle manufacturer supplying National Armed Forces; broader defense spending trends cited as supportive.
- Private Placement Details:
- Units issued: 11,934,615 equity units.
- Price per unit: $0.13.
- Gross proceeds: $1,551,500.
- Unit composition: 1 Common Share + 1 Common Share Purchase Warrant.
- Warrant terms: Right to purchase one common share at $0.18 for a 24‑month period.
- Use of Proceeds (implied): Not explicitly detailed; referenced in prior Oct 21, 2025 release.
Notable Quotes
“We have received consistently larger orders from this long‑standing military customer and expect the trend to continue… This, in turn, will provide more predictable revenue pacing and growth for Cymat.” – Chairman and CEO Michael Liik