The Montreal-based company designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products. Plasma is highly electrically conductive, making it incredibly useful in high tech manufacturing industries.
The company issued almost 3 million shares, priced at $0.58 each for gross proceeds of C$1,737,970 in the first tranche of its previously announced non-brokered private placement.
Each unit consists of one common share of the corporation and one common share purchase warrant, entitling the holder to purchase one common share at C$0.85 per share with a two-year expiration date.
The placement is subject to final approval of the TSX Venture Exchange as well as other customary closing conditions.
Shares of PyroGenesis were at C$0.60 on Thursday.
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