PyroGenesis Announces Closing of Non-Brokered Private Placement

Core Viewpoint - PyroGenesis Inc. has successfully closed a non-brokered private placement, raising gross proceeds of $1,973,450 by selling 3,654,537 units at a price of $0.54 per unit, which was oversubscribed [1][2]. 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 [2]. - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at a price of $0.70 for 36 months [2]. - The common shares and warrants issued will be subject to a statutory hold period of four months and one day from the closing date [2]. Group 2: Insider Participation - P. Peter Pascali, the President and CEO of PyroGenesis, subscribed for approximately $400,000, which is the maximum amount allowed for insiders under current regulations [4]. Group 3: Use of Proceeds - The company intends to use the net proceeds from the private placement for working capital and general corporate purposes [5]. Group 4: Regulatory Approval - The private placement has been conditionally approved by the TSX but remains subject to final approval and other customary closing conditions [5]. Group 5: Company Overview - PyroGenesis leverages 35 years of plasma technology leadership to provide advanced engineering solutions across various industries, including energy, defense, and heavy industry [7]. - The company is ISO 9001:2015 and AS9100D certified, maintaining ISO certification since 1997 [7].