PyroGenesis arranges private placement of units
Executive Summary
- PyroGenesis Inc. announced a non‑brokered private placement of two unit groups expected to raise approximately $5 million in gross proceeds.
- The first group comprises 6,666,665 units at C$0.63 each (≈ C$4.2 M); each unit includes one common share and one warrant exercisable at C$0.28 for up to 48 months.
- The second group comprises 4,000,000 units at C$0.20 each (≈ C$0.8 M); each warrant is exercisable at C$0.40 for up to 24 months.
Key Details
- Unit Group 1: 6,666,665 units @ C$0.63 per unit → aggregate gross proceeds of C$4,199,999.
- Each unit = 1 common share + 1 warrant (exercise price C$0.28, term 48 months).
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CEO Peter Pascali intends to subscribe for ~C$4 M (up to the full 6,666,665 units).
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Unit Group 2: 4,000,000 units @ C$0.20 per unit → approximate gross proceeds of C$800,000.
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Each warrant exercisable at C$0.40 for a term of 24 months.
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Closing Structure: Both groups to close in up to three tranches each; subject to statutory hold period of four months and one day on issued shares and underlying shares of warrants.
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Regulatory Status: Conditionally approved by the Toronto Stock Exchange; final approval and customary closing conditions remain pending.
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Use of Proceeds: Working capital and general corporate purposes.
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Subscription Commitment: President & CEO Peter Pascali plans to directly subscribe for approximately C$4 million of the first unit group.
Notable Quotes
(No direct quotes were provided in the release.)