PyroGenesis completes $3.5M offering led by CEO

Following its announcement of a non-brokered private placement on the Toronto Stock Exchange (TSX), PyroGenesis Inc., headquartered in Montreal, Quebec, Canada, has completed the first tranche of its First Unit Group through the issue and sale of approximately $3.5 million in company units.

Each unit within the First Unit Group 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 $0.28 for a period of forty-eight months following the closing date.

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 the closing, in accordance with applicable securities legislation.

PyroGenesis President and CEO P Peter Pascali directly subscribed for the entire first tranche, representing an investment of approximately $3.5 million.

The first tranche of the Second Unit Group is expected to close in the coming days. This group will consist of the sale of 4,000,000 units at a price of $0.20 per unit, for approximate gross proceeds of $800,000. Each warrant in this group will allow the holder to purchase one common share at $0.40, exercisable for twenty-four months post-closing

PyroGenesis intends to use the proceeds of the private placement for working capital and general corporate purposes. The private placement has been conditionally approved by the Toronto Stock Exchange, but remains subject to the TSX’s final approval, as well as other customary closing conditions.

www.pyrogenesis.com