PyroGenesis closes final tranche of funding round
PyroGenesis Inc, headquartered in Montreal, Quebec, Canada, has announced that it has closed the final tranche of the second group of the previously announced non-brokered private placement. This placement sold 14,185,969 units for gross proceeds of $5,226,083.
The first unit group closed and sold 5,555,556 units of the company for gross proceeds of $3,500,000. P Peter Pascali, president and CEO of PyroGenesis, subscribed to the entire first tranche of the first unit group.
PyroGenesis also announced a second tranche closing in the 2nd unit group by issuing and selling an additional 4,520,414 units of the company at a price of $0.20 per unit, for gross proceeds of $904,083. As previously announced, a total of 4,110,000 units closed as a first tranche for gross proceeds of $822,000. In total, 8,630,414 units were issued under the 2nd unit group for gross proceeds of $1,726,083. Both unit groups are now closed.
PyroGenesis stated it intends to use the proceeds of the private placement for working capital and general corporate purposes.
