PyroGenesis Canada Inc (TSX:PYR, NASDAQ:PYR) said it has completed a non-brokered private placement consisting of the issuance and sale of 5,000,000 units of the company at a price of $1.00 per unit, for gross proceeds of $5 million.
The company’s president and CEO, P. Peter Pascali, subscribed to 2,500,000 units under the private placement.
The company said it intends to use the net proceeds from the private placement for working capital and general corporate purposes.
Each unit in the private placement consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $1.25 until March 7, 2025.
READ: PyroGenesis Canada inks agreement for 'best efforts' private placement for gross proceeds of up to $10M
The common shares and warrants issued in connection with the private placement, and the common shares underlying the warrants, are subject to a hold period of four months and one day from the date of closing.
In connection with the private placement, Research Capital Corporation acted as financial advisor to the company.
The securities have not been and will not be registered under the United States Securities of 1933, as amended, or any state securities laws and may not be offered or sold within the United States, unless an exemption from such registration is available.
PyroGenesis Canada is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional ‘dirty’ processes.
The company has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing.
Contact the author at jon.hopkins@proactiveinvestors.com