Financings
Cymat Technologies closes $1.49-million financing
CYM · Price
Executive Summary
- Cymat Technologies Ltd. completed a non‑brokered private placement of equity units, raising $1.5 M in gross proceeds.
- The offering issued 11,534,615 common shares and an equal number of common share purchase warrants priced at $0.13 per unit; each warrant allows purchase of one share at $0.18 for 24 months.
- Proceeds will fund capital equipment for a strategic business development initiative (Rio Tinto Alcan opportunity) and support working‑capital needs for automotive initiatives.
Key Details
- Gross proceeds: $1,499,500.
- Unit price: $0.13 per unit (one common share + one warrant).
- Warrant terms: Exercise price $0.18 per share; exercisable for 24 months; subject to TSX‑V restrictions on insider creation.
- Shares issued: 11,534,615 common shares.
- Warrants issued: 11,534,615 common share purchase warrants (no finder’s fees or broker compensation).
- Use of proceeds: Capital equipment purchases for a major strategic business development initiative and working‑capital requirements for automotive initiatives.
- Trading hold: Securities subject to a four‑month trading hold period from issuance date per Canadian securities laws.
- CEO/Chairman comment: Michael Liik highlighted the financing as essential to execute the previously announced Rio Tinto Alcan opportunity and ongoing strategic automotive projects, and indicated an upcoming stakeholder webinar.
Notable Quotes
“We are pleased to be able to raise the balance of the capital required to execute on the previously announced Rio Tinto Alcan business opportunity, as well as funding for our strategic automotive initiatives under way.” – Michael Liik, CEO & Chairman
Materiality Assessment: Material – Positive (significant financing that enables execution of a disclosed strategic partnership and growth initiatives).