PyroGenesis closes final tranche of private placement for $904,083

PyroGenesis Inc. (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1) announced it closed the final tranche of its non-brokered private placement, raising $904,083 through the sale of 4,520,414 units at $0.20 per unit.

The Montreal-based plasma technology company completed its private placement program with total gross proceeds of $5,226,083 from the sale of 14,185,969 units across two unit groups. The first unit group sold 5,555,556 units at $0.63 per unit for $3,500,000, while the second unit group sold 8,630,414 units at $0.20 per unit for $1,726,083.

Each unit in the first group includes one common share and one warrant exercisable at $0.28 for 48 months. Each unit in the second group includes one common share and one warrant exercisable at $0.40 for 24 months.

The company's CEO P. Peter Pascali subscribed to the entire first tranche of the first unit group. The shares and warrants are subject to a four-month and one-day hold period under securities legislation.

PyroGenesis stated it will use the proceeds for working capital and general corporate purposes. The private placement received conditional approval from the TSX and remains subject to final approval and customary closing conditions.

The company provides plasma-based technology solutions to heavy industry and defense sectors, with operations certified under ISO 9001:2015 and AS9100D standards.

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