PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF) (FRA:8PY), a developer of advanced plasma processes and products, announced Tuesday that it has received conditional approval from the Toronto Stock Exchange (TSX) to graduate from the TSX Venture Exchange (TSXV) and on the TSX.
“We are proud to have been conditionally accepted by Canada’s largest and most credible exchange,” CEO Peter Pascali said in a statement. “Having spent just under 10 years on the TSX Venture Exchange (whom we would like to thank for providing us the ideal forum on which we could attract the capital to finance our growth), we believe it is time for us to graduate to the TSX, the premier destination for publicly traded companies.”
Final approval of the listing is subject to the company fulfilling all of the requirements of the TSX, including the completion of a public offering. PyroGenesis filed a preliminary prospectus for such an offering on October 20. Once approved, PyroGenesis’ common shares would be delisted from the TSXV and begin trading on the TSX under the symbol “PYR”.
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“This represents another step in management’s efforts to broaden our appeal to a larger shareholder base while at the same time raising the company’s profile in the investment community,” Pascali said. “It underscores our long-term commitment to increasing investor awareness and generating shareholder value. As we continue to successfully execute our growth strategy, the graduation to the TSX should enhance the liquidity of our stock and enable us to continue building long-term shareholder value.”
Separately, PyroGenesis announced the creation of a new board position: lead independent director. Robert Radin has agreed to become the first lead independent director, the company said.
Additionally, the company said it has granted stock options to acquire 200,000 common shares to director Rodney Beveridge, and 50,000 shares to director and Vice President of Investor Relations and Strategic Business Development Rodayna Kafal. The stock options have an exercise price of C$4 per share and are exercisable over a period of five years. The options are granted in accordance with the company’s stock option plan.
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