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PyroGenesis closes first tranche of financing; raises C$1.7 million

The Montreal-based company designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products
plasma torch
PyroGenesis is a high-tech company that designs, develops, manufactures and commercializes advanced plasma processes

PyroGenesis Canada Inc (CVE:PYR) (OTCMKTS:PYRNF) unveiled Thursday it has raised C$1.7 million to fund the high-tech company’s plasma activities.

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. 

READ: PyroGenesis reports successful testing of its PUREVAP process to produce silicon metal

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. 

Contact Katie Lewis at [email protected]

 

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