MONTREAL, April 20, 2018 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V:PYR), (the "Corporation" or "PyroGenesis") a Corporation that designs, develops and manufactures plasma waste-to-energy systems and plasma torch systems, is pleased to announce today that it has completed a private placement. The Corporation issued and sold an aggregate amount of 3,108,333 units of the Corporation (the "Units") at a price of $0.60 per Unit, for gross proceeds of $1,864,999.80 to the Corporation (the "Private Placement").
Each Unit consists of one common share of the Corporation (a "Common Share") and one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.85 until April 19th, 2020. Each Unit will be subject to a statutory hold period of four months and one day from the date of closing.
In connection with the Private Placement, the Corporation will pay finder fees in the amount of $88,800 and issue 74,000 finder’s compensation warrants to the agents.
The proceeds from the Private Placement will be used by the Corporation for general corporate purposes. The Private Placement is subject to the final approval of the TSX Venture Exchange (“TSXV”) as well as other customary closing conditions.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. 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.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. For more information, please visit www.pyrogenesis.com
Source: PyroGenesis Canada Inc.