PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF) said Tuesday that it has closed its previously-announced, bought-deal equity offering, in which it issued 3,354,550 units of the company at a price of $3.60 per unit for total gross proceeds of $12,076,380.
PyroGenesis, which designs, develops, manufactures and commercializes advanced plasma processes and products, said it will use the net proceeds for working capital and general corporate purposes.
Each unit is comprised of one common share of the company plus one-half of one common share purchase warrant, exercisable at a price of $4.50 for a period of 24 months from the closing of the offering. PyroGenesis may elect to accelerate the expiry date of the warrants should its stock price trade in excess of $6.75 per share for 20 consecutive trading days.
READ: PyroGenesis providing high-tech plasma products for a growing number of major industries
The offering was led by Mackie Research Capital Corporation, as sole underwriter and sole bookrunner.
PyroGenesis Canada harnesses the unique properties of thermal plasma to melt and transform metal, carry out high temperature chemical reactions and convert waste into energy. It also provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries.
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