PyroGenesis Announces Closing of Non-Brokered Private Placement

Executive Summary

• PyroGenesis Inc. closed its previously announced non‑brokered private placement, selling 3,654,537 units at $0.54 per unit for gross proceeds of $1,973,450.
• The offering was oversubscribed; each unit consists of one common share and half of a common‑share purchase warrant (exercise price $0.70, exercisable for 36 months).
• Net proceeds will be used for working capital and general corporate purposes; the placement is conditionally approved by the TSX pending final approval.

Key Details

• Units sold: 3,654,537 (oversubscribed)
• Price per unit: $0.54
• Gross proceeds: $1,973,450
• Original target: up to ~$1,000,000 via 1,851,852 units; actual raise nearly double the original target.
• Unit composition: 1 common share + ½ common‑share purchase warrant (each whole warrant allows purchase of one common share at $0.70).
• Warrant terms: exercisable for 36 months from closing; company may accelerate expiry if TSX price > $0.90 for 2 of any 5 consecutive trading days, with acceleration notice given within 15 days and expiry set 30 days after notice.
• Statutory hold period: common shares and warrants subject to a four‑month‑plus‑one‑day hold from closing per securities legislation.
• Insider participation: President & CEO P. Peter Pascali subscribed for ~ $400,000, the maximum allowed for insiders under regulations.
• Use of proceeds: working capital and general corporate purposes.
• Regulatory status: conditionally approved by TSX; final approval and customary closing conditions remain pending.

Notable Quotes

(No direct quotes were provided in the release.)