PyroGenesis Announces Closing of a $2.8 Million Non-Brokered Private Placement
July 22 2024 - 7:00AM
PyroGenesis Canada Inc. (“PyroGenesis”) (http://pyrogenesis.com)
(TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company that
designs, develops, manufactures and commercializes advanced plasma
processes and sustainable solutions which are geared to reduce
greenhouse gases (GHG) and address environmental pollutants,
announces today that it has completed a non-brokered private
placement consisting of the issuance and sale of 3,505,750 units
(the “Units”) at a price of $0.80 per Unit, for gross proceeds of
$2,804,600 (the “Private Placement”).
Each Unit consists of one common share of
PyroGenesis (a “Common Share”) and one Common Share purchase
warrant (a “Warrant”). Each Warrant entitles the holder thereof to
purchase one Common Share at a price of $1.20 during the twelve
months following the closing date of the Private Placement. The
Common Shares and Warrants issued in connection with the Private
Placement, and the Common Shares underlying the Warrants, will be
subject to a statutory hold period of four months and one day from
the date of closing, in accordance with applicable securities
legislation. Among the purchasers, P. Peter Pascali, the President
and CEO of PyroGenesis, directly and indirectly subscribed to
1,450,000 Units.
In addition, the private placement announced
today includes a $500K investment from a strategic investor group
who is currently in the process of acquiring Radian Oil and Gas
Services, a client of PyroGenesis.
PyroGenesis intends to use the proceeds of the
Private Placement for working capital and general corporate
purposes.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or any state securities laws and may not be offered or
sold within the United States, unless an exemption from such
registration is available.
About PyroGenesis
PyroGenesis, a high-tech company, is a proud
leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases (GHG) and are economically
attractive alternatives to conventional “dirty” processes.
PyroGenesis has created proprietary, patented and advanced plasma
technologies that are being vetted and adopted by multiple
multibillion dollar industry leaders in four massive markets: iron
ore pelletization, aluminum, waste management, and additive
manufacturing. With a team of experienced engineers, scientists and
technicians working out of its Montreal office, and its 3,800 m2
and 2,940 m2 manufacturing facilities, PyroGenesis maintains its
competitive advantage by remaining at the forefront of technology
development and commercialization. The operations are ISO 9001:2015
and AS9100D certified, having been ISO certified since 1997.
PyroGenesis’ shares are publicly traded on the TSX in Canada, the
OTCQX in the US, and the Frankfurt Stock Exchange in Germany. For
more information, please visit: www.pyrogenesis.com.
Cautionary and Forward-Looking
Statements
This press release may contain “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. In some cases, but not necessarily in all cases,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects”
or “does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or
“does not anticipate” or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “will be taken”, “occur” or
“be achieved”. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management’s current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by PyroGenesis as of the date of this
release, are subject to inherent uncertainties, risks and changes
in circumstances that may differ materially from those contemplated
by the forward-looking statements. Important factors that could
cause actual results to differ, possibly materially, from those
indicated by the forward-looking statements include, but are not
limited to, the risk factors identified under “Risk Factors” in
PyroGenesis’ latest annual information form, and in other periodic
filings that PyroGenesis has made and may make in the future with
the securities commissions or similar regulatory authorities, all
of which are available under PyroGenesis’ profile on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect PyroGenesis.
However, such risk factors should be considered carefully. There
can be no assurance that such estimates and assumptions will prove
to be correct. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
release. PyroGenesis undertakes no obligation to publicly update or
revise any forward-looking statement, except as required by
applicable securities laws.
None of the Toronto Stock Exchange or its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) or the OTCQX Best Market
accept responsibility for the adequacy or accuracy of this press
release.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDE-mail:
ir@pyrogenesis.com RELATED LINK: http://www.pyrogenesis.com/
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