Business
TSXV Confirms Previously Announced Shares for Debt Transaction
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNIT...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"\n\n\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES\n\n\nMONTREAL, June 4, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. (\"PyroGenesis\") (TSXV: PYR), a TSX Venture 50® plasma solutions company that designs,\n develops and manufactures plasma waste-to-energy systems and plasma\n torch systems, is pleased to announce that, further to its press\n release of May 23, 2014, the Company has received final approval from\n the TSXV for the previously announced shares for debt transaction  (the\n \"Shares for Debt Transaction\") wherein PyroGenesis announced that it had completed a Shares for Debt\n Transaction whereby the Company issued 7,500,000 common shares (\"Common Shares\") of PyroGenesis from treasury  at a deemed price of $0.80 per Common\n Share to Phoenix Haute Technology Inc. (\"Phoenix\"), to settle $6 million owing by PyroGenesis to Phoenix.  Phoenix is a\n company wholly owned by the father of the CEO of PyroGenesis. \n Separately, the CEO of PyroGenesis, Mr. Pascali Jr., also invested\n $700,000 into the Private Placement which the Company announced on May\n 22, 2014 as having closed oversubscribed.\n\n\nAs previously reported, following completion of the Shares for Debt\n Transaction, Phoenix, will hold 10,441,524 Common Shares, representing\n approximately 12.97% of the issued and outstanding Common Shares and\n Phoenix and Mr. Pascali Snr, taken together, will hold, directly or\n beneficially, an aggregate of 24,615,795 Common Shares, representing\n approximately 30.57% of the issued and outstanding Common Shares.\n\n\nThe Common Shares issued pursuant to the Shares for Debt Transaction\n will be subject to a hold period of four months and one day from the\n date of issuance thereof under applicable securities laws and TSX\n Venture Exchange (\"TSXV\") rules. The transaction is subject to final approval of the TSXV.\n\n\nPhoenix has acquired the Common Shares for investment purposes and may,\n in the future, acquire or dispose of the Common Shares through the\n market, private or otherwise as circumstances or market conditions\n warrant.\n\n\nA copy of the early warning report filed with the applicable securities\n regulators regarding the Shares for Debt Transaction is available under\n PyroGenesis' profile on SEDAR at www.sedar.com.\n\n\nAb...