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PyroGenesis Announces Closing of Non-Brokered Private Placement of up to $5,750,000
MONTREAL, May 05, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (http:/...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"PyroGenesis Announces Closing of Non-Brokered Private Placement of up to $5,750,000\n\n\n\n MONTREAL, May 05, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a high-tech company that designs, develops, manufactures and commercializes advanced all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, announced today that it has completed a non-brokered private placement consisting of a loan (the “Loan”) in the amount of up to $5,750,000 with P. Peter Pascali (the “Lender”) who as the President and CEO of PyroGenesis, is a related party.\n \n\n The Loan may be advanced in up to three tranches, at such times and in such amounts as shall be mutually agreed upon by PyroGenesis and the Lender, provided that the final tranche shall be advanced no later than June 16, 2025.\n \n\n The Loan includes a one-time, non-refundable, upfront fee of $300,000, and bears an interest rate of 5% per annum for the first year and 18% per annum thereafter. Interest is to be paid monthly. The Loan will mature three years following the effective date of the Loan. However, PyroGenesis has the right to prepay the balance of the Loan at any time upon five days prior written notice to the Lender.\n \n\n As part of the Loan, PyroGenesis granted to the Lender share purchase warrants (“Warrants”) to subscribe for up to 12,554,585 common shares of PyroGenesis (“Common Shares”) at a purchase price of $0.458 per share (representing the per share volume weighted average trading price, “VWAP”, of the Common Shares on the TSX for the ten trading days immediately prior to the effective date of the Loan). The total number of Warrants that will be issued shall equal the value of the Loan amount funded (or applicable tranche) divided by the purchase price per share. The Warrants expire four years following the effective date of the Loan, and will be subject to a hold period of four months and one day in accordance with applicable securities laws.\n \n\n The Loan will be secured by a hypothec on the universality of PyroGenesis’ movable and immovable property.\n \n\n The Loan, including the ...