PyroGenesis Announces Closing of the First Tranche of the First Unit Group of the Non-Brokered Private Placement for Approximately $3,500,000

Executive Summary

• PyroGenesis Inc. completed the first tranche of its non‑brokered private placement, issuing 5,555,556 units at $0.63 per unit for gross proceeds of approximately $3.5 million.
• Each unit consists of one common share and one warrant (exercise price $0.28, 48‑month term); the shares and warrants are subject to a statutory hold period of four months and one day.
• The company intends to use the net proceeds for working capital and general corporate purposes, and expects the first tranche of the second unit group to close next week.

Key Details

• First Tranche – Units Issued: 5,555,556 units @ $0.63 per unit → ≈ $3,500,000 gross proceeds.
• Unit Composition: 1 common share + 1 common share purchase warrant per unit.
• Warrant Terms (First Unit Group): Exercise price $0.28 per share; exercisable for 48 months after closing.
• Statutory Hold Period: Shares and warrants (and underlying shares) locked for 4 months + 1 day from closing date.
• President & CEO Subscription: P. Peter Pascali subscribed to the entire first tranche, investing ≈ $3.5 million.
• Second Unit Group – Planned Issuance: 4,000,000 units @ $0.20 per unit → ≈ $800,000 gross proceeds (expected closing next week).
• Warrant Terms (Second Unit Group): Exercise price $0.40 per share; exercisable for 24 months after closing.
• Use of Proceeds: Working capital and general corporate purposes.
• Regulatory Status: Conditionally approved by the TSX, pending final TSX approval and customary closing conditions.

Notable Quotes

(No executive quotes were included in the release.)