PyroGenesis Announces Oversubscription of Non-Brokered Private Placement

Executive Summary

• PyroGenesis Inc. announced that its previously disclosed non‑brokered private placement is oversubscribed, with expected final proceeds of $1.7 M–$1.9 M (3.15 M–3.52 M units).
• Units are priced at $0.54 each, comprising one common share and half of a common‑share purchase warrant (exercise price $0.70, 36‑month term).
• Net proceeds will be used for working capital and general corporate purposes; closing is expected within ten days pending regulatory approval.

Key Details

• Original offering size: Up to $1 M via up to 1,851,852 units.
• Revised subscription estimate: Between $1.7 M and $1.9 M, representing 3,148,148 – 3,518,518 units.
• Unit composition:
• 1 common share of PyroGenesis
• ½ of a common‑share purchase warrant (each whole warrant allows purchase of one common share at $0.70).
• Warrant terms: Exercise price $0.70; exercisable for 36 months after closing; subject to statutory hold period of four months + one day.
• Acceleration clause: If TSX price > $0.90 on 2 of any 5 consecutive trading days, the company may accelerate warrant expiry to 30 days after notice (notice via email or press release).
• Insider participation: President & CEO P. Peter Pascali will subscribe for up to ≈ $400,000, the maximum allowed for insiders under current regulations.
• Use of proceeds: Working capital and general corporate purposes.
• Closing timeline: Expected within ten days of announcement, subject to TSX approval and customary closing conditions.

Notable Quotes

(No direct quotes were provided in the release.)