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PyroGenesis Canada closes non-brokered C$168,000 private placement

The company issued 300,000 units at a price of C$0.56 per unit for proceeds of about C$168,000

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The Montreal-based company says the proceeds will be used for general corporate purposes

PyroGenesis Canada Inc (CVE:PYR) (OTCMKTS:PYRNF) announced Wednesday it has closed a non-brokered private placement that raised about C$168,000. 

The company issued 300,000 units at a price of C$0.56 per unit, and proceeds will be used for general corporate purposes, according to a statement. 

Each unit will consist of one common share in the capital of the company and three-quarters (0.75) of a common share purchase warrant, which will be subject to a statutory hold period of four months and one day from the closing date of the placement.

READ: PyroGenesis ready to engage with potential customers for waste-to-energy system after previous contract terminated

Each warrant will entitle the holder to acquire one common share at a price of C$0.75. Each warrant expires 15 months from issuance.

PyroGenesis said it will not pay finder fees or issue any finders compensation warrants in connection with the placement.

The placement is subject to the final approval of the TSX Venture Exchange as well as other customary closing conditions.

PyroGenesis, which is based in Montreal, is a high-tech company that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

 

Quick facts: PyroGenesis Canada Inc.

Price: 3.42 CAD

TSX-V:PYR
Market: TSX-V
Market Cap: $510.08 m
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