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.
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.
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