PyroGenesis closes $1.97-million private placement

Executive Summary

• PyroGenesis Inc. has closed its previously announced non-brokered private placement, which was oversubscribed.
• The company sold 3,654,537 units at $0.54 per unit, raising gross proceeds of $1,973,450.
• CEO P. Peter Pascali subscribed for approximately $400,000, representing the maximum allowable insider participation.

Key Details

• Transaction Structure: Non-brokered private placement of units.
• Units Sold: 3,654,537 units.
• Price Per Unit: $0.54 CAD.
• Gross Proceeds: $1,973,450.
• Original Target: Up to approximately $1 million (1,851,852 units).
• Oversubscription: The offering was oversubscribed; no further requests for participation were accepted.
• Warrant Terms: Each unit includes one common share and one-half of a common share purchase warrant.
• Warrant Exercise Price: $0.70 per share.
• Warrant Expiry: 36 months from the closing date.
• Acceleration Clause: The company may accelerate warrant expiry if the TSX closing price exceeds $0.90 for two of any five consecutive trading days. Notice must be provided within 15 days of the event, with expiry set 30 days after notice.
• Lock-up Period: Common shares and warrants are subject to a statutory hold period of four months and one day from the closing date.
• Insider Participation: P. Peter Pascali (President and CEO) subscribed for approximately $400,000, the maximum allowed by regulators for insiders.
• Use of Proceeds: Working capital and general corporate purposes.
• Regulatory Status: Conditionally approved by the Toronto Stock Exchange (TSX); subject to final TSX approval and customary closing conditions.

Notable Quotes

• None explicitly quoted in the text, though the CEO's significant personal investment is highlighted.