By Devika Patel
Knoxville, Tenn., Sept. 27 - Cymat Technologies Ltd. announced it has entered into an agreement with Fraser Mackenzie as an adviser to raise at least C$1.5 million in a private placement of units.
The company will sell at least 6,000,000 units at C$0.25 each. Each unit will consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.35 for 18 months.
Settlement is expected to occur in 60 days.
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$1.5 million (minimum)
|
| Units: | 6,000,000 (minimum)
|
| Price: | C$0.25
|
| Warrants: | One half warrant per unit
|
| Warrant strike price: | C$0.35
|
| Warrant expiration: | 18 months
|
| Adviser: | Fraser Mackenzie
|
| Pricing date: | Sept. 27
|
| Stock symbol: | Toronto: CYM
|
| Stock price: | C$0.23 at close Sept. 26
|
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