PyroGenesis Canada Inc (CVE:PYR) said it has subscribed for 4,000,000 units for gross costs of $2,400,000 as part of a placement by its partner HPQ Silicon Resources Inc. (CVE:HPQ) (OTCMKTS:URAGF).
In a statement, P. Peter Pascali CEO and chairman of PyroGenesis Canada said: “It is indeed a pleasure to participate in this private placement and increase our position in HPQ. Not only do we find this to be a unique opportunity to invest in a business that has enormous potential for growth, but one that is supported by a visionary management and Board. We are confident that this investment will play out very well for us and our investors, and we look forward to consider adding to our position should the opportunity arise in the future.”
PyroGenesis Canada is a high-tech company, that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products.
HPQ Silcom announced Tuesday that it is closing a non-brokered private placement of 4,500,000 units at $0.60 per unit for total gross proceeds of $2,700,000 with PyroGenesis and another placee, THREED CAPITAL INC. (CSE:IDK) (OTTCBB:IDKFF). Each unit will be comprised of one common share and one common share purchase warrant in HPQ. Each warrant will entitle the subscribers to purchase one common share of the capital stock of the company at an exercise price of $ 0.61 for a period of 36 months from the date of closing of the placement.
THREED, a Canadian venture capital firm that invests in disruptive companies has subscribed for 500,000 units in the placement for a gross proceeds of $300,000.
Bernard Tourillon, president & CEO of HPQ Silicon commented: “This transaction is a further demonstration of the strength of the HPQ - PyroGenesis cooperation as we develop both the PUREVAP Quartz Reduction Reactor (QRR) and the PUREVAP Nano Silicon Reactor (NSiR) processes.”
He added: “Our PUREVAP processes open up unique business opportunities with multibillion-dollar addressable markets for HPQ, PyroGenesis and our shareholders, as we strive to deliver the critical Silicon nano-materials required by the surging Li-ion battery market and other renewable energy sectors.”
In addition to participating in the placement, HPQ announced that THREED Capital CEO Sheldon Inwentash has agreed to act as a strategic advisor to HPQ management.
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