Deal offers securities at C$0.05 each with three-year C$0.10 warrants
By Devika Patel
Knoxville, Tenn., May 3 - Cymat Technologies Ltd. said it raised C$400,000 in the first tranche of a C$1.25 million non-brokered private placement of preferred units, units and subscription receipts.
The company is selling the securities at C$0.05 apiece. It sold 8 million preferred units in the first tranche.
Each preferred unit consists of one common share and one warrant. Each unit consists of one common share and one half-share warrant. Each subscription receipt will convert into a unit once the company obtains shareholder approval for the securities underlying the units.
Each whole warrant is exercisable at C$0.10 until May 15, 2015. The strike price is a 150% premium to the May 2 closing share price of C$0.04. The price per subscription receipt is a 25% premium to that price.
Settlement of the final tranche is expected May 15.
Proceeds will be used for general working capital and to expand the company's network of architectural agents for Alusion and increase its international market for SmartMetal.
Toronto-based Cymat develops aluminum foam products.
| Issuer: | Cymat Technologies Ltd.
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| Issue: | Preferred units of one common share and one warrant, units of one common share and one half-share warrant, subscription receipts
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| Amount: | C$1.25 million
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| Price: | C$0.05
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| Warrant expiration: | May 15, 2015
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| Warrant strike price: | C$0.10
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| Agent: | Non-brokered
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| Settlement date: | May 3 (for C$400,000), May 15
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| Stock symbol: | Toronto: CYM
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| Stock price: | C$0.04 at close May 2
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| Market capitalization: | C$3.97 million
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| Preferred units
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| Warrants: | One warrant per unit
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| Units
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| Warrants: | One half-share warrant per unit
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| Subscription receipts
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| Warrants: | One half-share warrant per unit upon conversion
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