PyroGenesis arranges private placement of units

Mr. P. Peter Pascali reports PYROGENESIS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT PyroGenesis Inc. intends to complete a non-brokered private placement, which has been conditionally approved by the Toronto Stock Exchange. The private placement consists of two unit groups: First unit group -- the issuance and sale of 6,666,665 units at a price of 63 cents per unit for aggregate gross proceeds of $4,199,999: Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 28 cents for a period of 48 months following the closing date. It is expected that the chief executive officer will subscribe for the majority, if not all, of this unit group. Second unit group -- the issuance and sale of four million units at a price of 20 cents per unit for approximate gross proceeds of $800,000: Each warrant under this group entitles the holder to purchase one common share at a price of 40 cents for a period of 24 months following the closing date. The closings of both unit groups are expected to occur in up to three tranches each. The common shares and warrants issued in connection with the private placement and the common shares underlying the warrants will be subject to a statutory hold period of four months and one day from the date of closing, in accordance with applicable securities legislation. Among the interested participants, P. Peter Pascali, the president and chief executive officer of PyroGenesis, intends to directly subscribe for approximately $4-million for up to 6,666,665 units at 63 cents. PyroGenesis intends to use the proceeds of the private placement for working capital and general corporate purposes. The private placement remains subject to the TSX's final approval as well as other customary closing conditions. About PyroGenesis Inc. PyroGenesis leverages 30 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions and materials development challenges across heavy industry and defence. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis's engineers, scientists and technicians drive innovation and commercialization of energy transition and ultrahigh-temperature technology. PyroGenesis's operations are ISO 9001:2015 and AS9100D certified, with ISO (International Organization for Standardization) certification maintained since 1997. PyroGenesis's shares trade on the TSX (symbol: PYR), the OTCQX exchange (symbol: PYRGF) and the Frankfurt Stock Exchange (symbol: 8PY1). We seek Safe Harbor.