By Devika Patel
Knoxville, Tenn., Nov. 5 - Cymat Technologies Ltd. announced it has completed a C$2.5 million private placement of units. The company said on Sept. 26 it had entered into an agreement with Fraser Mackenzie as an advisor for this deal to raise at least C$1.5 million.
The company sold 10 million units at C$0.25 each. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.35 for 18 months.
Proceeds will be used to increase production capacity, reduce order cycle times, hire additional sales staff to accelerate sales and provide general working capital.
Toronto-based Cymat develops aluminum foam products.
| Issuer: | Cymat Technologies Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 10 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.35
|
| Warrant expiration: | 18 months
|
| Advisor: | Fraser Mackenzie
|
| Pricing date: | Sept. 27
|
| Settlement date: | Nov. 5
|
| Stock symbol: | Toronto: CYM
|
| Stock price: | C$0.23 at close Sept. 26
|
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