PyroGenesis arranges $1-million private placement

Executive Summary

• PyroGenesis Inc. announced a non-brokered private placement of up to 1,851,852 units at $0.54 per unit, raising gross proceeds of up to approximately $1 million.
• The transaction is conditionally approved by the Toronto Stock Exchange (TSX) and remains subject to final TSX approval and customary closing conditions.
• CEO P. Peter Pascali intends to subscribe for approximately $400,000 of the units, demonstrating insider confidence in the offering.

Key Details

• Transaction Structure: Non-brokered private placement of "units."
• Unit Composition: Each unit consists of one common share and one-half of a common share purchase warrant.
• Pricing: $0.54 per unit.
• Gross Proceeds: Up to approximately $1,000,000.
• Quantity: Up to 1,851,852 units.
• Insider Subscription: P. Peter Pascali (President and CEO) intends to subscribe for approximately $400,000 worth of units.
• Warrant Terms:
  • Each warrant entitles the holder to purchase one common share.
  • Exercise Price: $0.70 per share.
  • Duration: 36 months following the closing date.
• Acceleration Clause: The company has the right to accelerate warrant expiry if the closing price of common shares on the TSX exceeds $0.90 on two of any five consecutive trading days. If triggered, expiry is accelerated to 30 days following notice.
• Hold Period: Common shares and warrants are subject to a statutory hold period of four months and one day from the date of closing.
• Use of Proceeds: Net proceeds will be used for working capital and general corporate purposes.
• Regulatory Status: Conditionally approved by the TSX; subject to final TSX approval and other customary closing conditions.

Notable Quotes

• No direct quotes from management were included in the release text provided.