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PyroGenesis Canada Inc

PyroGenesis Canada completes C$2.9 million private placement

The Montreal-based high-tech company will use the money to fund its plasma activities

plasma
PyroGenesis has conditional approval to sell another 2 million units to raise a total of C$4 million

PyroGenesis Canada Inc (CVE:PYR)(OTCMKTS:PYRNF) announced Wednesday it has completed the second and final tranche of a non-brokered private placement which raised C$2.9 million to fund the high-tech company’s plasma activities.

As part of the second tranche, the company sold an 2,024,500 units at a price of C$0.58 per unit, for gross proceeds of C$1,174,210, according to a statement.

Overall, PyroGenesis has sold 5,021,000 units and has received conditional approval to sell another 2 million units, which would raise a total of C$4 million.

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. Each unit will be subject to a statutory hold period of four months and one day from the date of closing.

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.

Shares of PyroGenesis traded at C$0.55 on Wednesday.

Contact the author: [email protected]

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Quick facts: PyroGenesis Canada Inc

Price: $0.50

Market: TSX-V
Market Cap: $69.81 m
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