PyroGenesis Canada Inc (CVE:PYR) (OTCMKTS:PYRNF) unveiled Tuesday it has received conditional approval to bolster its non-brokered private placement to 7 million units, which would raise C$4 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 received conditional approval to issue an additional 3.5 million shares, totalling 7 million units, priced at $0.58 each for gross proceeds of C$4 million. Funds raised will be used by the company for general corporate purposes.
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 firm noted it will pay a finder's fee of 4% on a portion of the proceeds.
Shares of PyroGenesis were at C$0.57 on Tuesday.
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