PyroGenesis Announces Oversubscription of Non-Brokered Private Placement

Core Viewpoint - PyroGenesis Inc. has announced that its non-brokered private placement is oversubscribed, and it will not accept any further requests for participation, expecting to close the placement within ten days, subject to regulatory approval [1]. Group 1: Private Placement Details - The private placement was initially structured to raise approximately $1,000,000 through the issuance of up to 1,851,852 units, but the final subscription amounts are estimated to be between $1,700,000 and $1,900,000 for between 3,148,148 and 3,518,518 units [2]. - Each unit in the private placement is priced at $0.54 and consists of one common share and one-half of a common share purchase warrant, with each warrant allowing the purchase of one common share at $0.70 for 36 months post-closing [3]. - The common shares and warrants issued will be subject to a statutory hold period of four months and one day from the closing date [3]. Group 2: Warrant Terms - The company has the right to accelerate the expiry date of the warrants if the closing price of the common shares exceeds $0.90 for 2 of any 5 consecutive trading days, allowing for an acceleration notice to be issued [4]. Group 3: Insider Participation - P. Peter Pascali, the President and CEO of PyroGenesis, will subscribe for approximately $400,000, which is the maximum amount allowed for insiders under current regulations [5]. Group 4: Use of Proceeds - The net proceeds from the private placement will be used for working capital and general corporate purposes [6]. Group 5: Company Overview - PyroGenesis leverages 35 years of plasma technology leadership to provide advanced engineering solutions across various sectors, including energy, defense, and heavy industry, with operations certified under ISO 9001:2015 and AS9100D [8].