PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX:
PYRGF) (FRA: 8PY), a high-tech company (the “Company” or
“PyroGenesis”) that designs, develops, manufactures and
commercializes advanced plasma processes and sustainable solutions
which are geared to reduce greenhouse gases (GHG) and address
environmental pollutants, is pleased to announce that on December
20, 2023 (the “Effective Date”) it closed a $1,250,000 non-brokered
private placement of a convertible loan (“Loan”) in the amount of
$1.25 million with Fiducie de Crédit Mellon Trust, a related party
(the “Lender”).
The Loan, bearing an interest rate of 3% per
annum, will be paid quarterly in arrears and will mature eighteen
months following the Effective Date. During this period, the Lender
may convert, in whole or in part, (i) the principal amount of the
loan into common shares of the Company (“Common Shares”) at the
conversion price equal to $0.4918 (the “Conversion Price”), which
amount represents a 20% premium to the per share volume weighted
average trading price (VWAP) of the Common Shares on the TSX for
the five trading days immediately preceding the date of the
Effective Date (the “Current Market Price”), and (ii) subject to
the approval of the TSX, any accrued interest into Common Shares at
a conversion price equal to the higher of the (a) Current Market
Price for the period immediately preceding the date of payment of
the accrued interest and (b) Conversion Price.
As part of the Loan, PyroGenesis also granted to
the Lender share purchase warrants (“Warrants”) to subscribe for up
to 625,000 Common Shares at a purchase price of $0.4098 per share
(representing the Current Market Price on the effective date of the
Loan). The Warrants expire eighteen months following the Effective
Date. The Warrants will be subject to a hold period of four months
and one day from the date hereof in accordance with applicable
securities laws.
At any time after March 1, 2024, the Lender may
require the prepayment of the entire outstanding balance of the
Loan amount. The Company also has the right to prepay the balance
of the loan at any time upon thirty days prior notice to the
Lender. The Loan will be secured by a subordinated hypothec on the
universality of the Company’s movable property.
The Company intends to use the net proceeds for
working capital and general corporate purposes.
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 Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a proud leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce GHG and are economically attractive
alternatives to conventional “dirty” processes. PyroGenesis has
created proprietary, patented and advanced plasma technologies that
are being vetted and adopted by multiple multibillion dollar
industry leaders in four massive markets: iron ore pelletization,
aluminum, waste management, and additive manufacturing. With a team
of experienced engineers, scientists and technicians working out of
its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing
facilities, PyroGenesis maintains its competitive advantage by
remaining at the forefront of technology development and
commercialization. The operations are ISO 9001:2015 and AS9100D
certified, having been ISO certified since 1997. For more
information, please visit: www.pyrogenesis.com.
Cautionary and Forward-Looking
Statements
This press release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. In some cases, but not necessarily in all cases,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects”
or “does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or
“does not anticipate” or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “will be taken”, “occur” or
“be achieved”. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management’s current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by the Company as of the date of this
release, are subject to inherent uncertainties, risks and changes
in circumstances that may differ materially from those contemplated
by the forward-looking statements. Important factors that could
cause actual results to differ, possibly materially, from those
indicated by the forward-looking statements include, but are not
limited to, the risk factors identified under “Risk Factors” in the
Company’s latest annual information form, and in other periodic
filings that the Company has made and may make in the future with
the securities commissions or similar regulatory authorities, all
of which are available under the Company’s profile on SEDAR+ at
www.sedarplus.ca, or at www.otcmarkets.com. These factors are not
intended to represent a complete list of the factors that could
affect the Company. However, such risk factors should be considered
carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. You should not place undue
reliance on forward-looking statements, which speak only as of the
date of this release. The Company undertakes no obligation to
publicly update or revise any forward-looking statement, except as
required by applicable securities laws.
Neither the Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the OTCQX Best Market
accepts responsibility for the adequacy or accuracy of this press
release.
For further information please contact:
Rodayna Kafal, Vice President Investors
Relations and Strategic Business Development Phone: (514) 937-0002,
E-mail: ir@pyrogenesis.com
RELATED LINK: http://www.pyrogenesis.com/
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