PyroGenesis Announces Closing of the First Tranche of the Second Unit Group of the Non-Brokered Private Placement for Approximately $822,000

Executive Summary

• PyroGenesis completed the first tranche of its Second Unit Group private placement, issuing 4,110,000 units at $0.20 per unit for gross proceeds of approximately $822,000.
• The units consist of one common share and one warrant (exercise price $0.40, 24‑month term).
• Proceeds are earmarked for working capital and general corporate purposes; the placement remains open with a second tranche expected to close next week.

Key Details

• Units sold: 4,110,000 units (Second Unit Group)
• Price per unit: $0.20
• Gross proceeds: ~ $822,000
• Unit composition: 1 common share + 1 common share purchase warrant
• Warrant terms: Right to purchase one common share at $0.40 for 24 months after closing
• Statutory hold period: 4 months and 1 day on both the shares and warrants
• Previous tranche (First Unit Group): 5,555,556 units sold at $0.63 per unit for ~ $3.5 M; warrant exercise price $0.28, 48‑month term
• CEO participation: President & CEO P. Peter Pascali subscribed to the entire first tranche but did not subscribe to the second tranche
• Closing outlook: Both Unit Groups remain open; expected final closing next week
• Use of proceeds: Working capital and general corporate purposes
• Regulatory status: Conditionally approved by the TSX, pending final approval and customary closing conditions

Notable Quotes

(No direct quotes were provided in the release.)