PyroGenesis closes $3.5M first tranche of financing

Executive Summary

• PyroGenesis Inc. has closed the first tranche of the first unit group of its non-brokered private placement, raising approximately $3.5 million.
• The transaction was fully subscribed by CEO P. Peter Pascali, who acquired 5,555,556 units at $0.63 per unit.
• The company outlines the terms for the second unit group, which is expected to close next week, involving 4 million units at $0.20 per unit.

Key Details

• First Tranche Closing:
  • Units Issued: 5,555,556 units.
  • Price: $0.63 per unit.
  • Gross Proceeds: Approximately $3,500,000.
  • Subscriber: P. Peter Pascali (President and CEO) subscribed for the entire tranche.
  • Warrant Terms: Each unit includes one common share purchase warrant. Each warrant allows the purchase of one common share at $0.28 per share for a period of 48 months from the closing date.
  • Hold Period: Common shares and warrants are subject to a statutory hold period of four months and one day from the closing date.
• Second Unit Group (Expected Closing Next Week):
  • Units to be Issued: 4,000,000 units.
  • Price: $0.20 per unit.
  • Gross Proceeds: Approximately $800,000.
  • Warrant Terms: Each warrant allows the purchase of one common share at $0.40 per share for a period of 24 months from the closing date.
• 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

• No direct quotes from management were included in the text beyond the factual statement of the CEO's subscription.