PyroGenesis Raises $1.3 Million At $1.30 Per Unit, Surprising Shareholders

PyroGenesis Canada (TSX: PYR) has seemingly annoyed its shareholders this morning with the announcement of a private placement that has closed. The financing, referred to by the company as a “small non-brokered private placement,” was conducted at a small premium to market.

The financing in total raised gross proceeds of $1.3 million, via the sale of units at a price of $1.30 per each. Each unit contains one common share and one common share purchase warrant, which is valid until October 19, 2024 and contains an exercise price of $1.75 per share.

The financing reportedly closed on October 19, the day before which shares closes at $1.17 per each on public markets, with the company quick to highlight that the shares were sold higher than the recent closing price – while discounting the value of the two year warrant.

Proceeds from the financing are to be used for working capital and general corporate purposes.

The financing follows heavy selling from CEO Peter Pascali over the course of the last month. Since October 1, Pascali has filed that he has sold a total of 355,900 shares, for gross proceeds of $490,674. The last sale was conducted October 14, with Pascali still holding 4.5 million shares via his trust. Humourously, Pascali announced last month that he has terminated his automatic securities deposition plan, which was to see the sale of up to 800,000 common shares from the trust.

PyroGenesis last traded at $1.08 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Antimony Resources Drills 5.27% Sb Over 4.95 Metres In Latest Results

Nord Precious Metals Identifies 29 Veins At Castle East Following 3D Modeling

Related News

PyroGenesis Announces Stock Buyback Program For 2022

PyroGenesis Canada (TSX: PYR) is looking to stop the slow bleed of its equity valuation....

Friday, February 11, 2022, 08:32:24 AM

PyroGenesis Guides To “At Least” $8.0 Million In Q3 Revenues

PyroGenesis Canada (TSX: PYR) this morning provided guidance for its third quarter financial results. The...

Wednesday, November 3, 2021, 09:14:19 AM

PyroGenesis Blames Declining Revenue On Slow “Technology Adoption”

PyroGenesis Canada (TSX: PYR) released on Friday morning its Q4 and full-year 2022 results, toplined by...

Friday, March 31, 2023, 10:56:00 AM

Pyrogenesis CEO Peter Pascali Files To Sell 850,000 Shares

Pyrogenesis Canada (TSX: PYR) CEO Peter Pascali is looking to start the year off with...

Thursday, January 5, 2023, 08:39:58 AM

PyroGenesis Sees AMF Launch Proceedings Against Company, CEO, Director

The securities regulator in Quebec, Autorité des marchés financiers (AMF), has elected to take regulator...

Friday, September 1, 2023, 09:02:55 AM