PyroGenesis announces $1 million private placement offering

PyroGenesis Inc. (TSX: PYR) (OTCQX: PYRGF) announced a non-brokered private placement to raise up to $1 million through the sale of 1,851,852 units priced at $0.54 each.

Each unit consists of one common share and one-half warrant. The warrants allow holders to purchase additional common shares at $0.70 for 36 months after closing.

Peter Pascali, the company's president and CEO, plans to subscribe for approximately $400,000 worth of units in the offering.

The securities will be subject to a four-month and one-day hold period following the closing date. PyroGenesis retains the right to accelerate warrant expiry if its share price exceeds $0.90 for two out of five consecutive trading days.

The Toronto Stock Exchange has conditionally approved the private placement, which remains subject to final approval and customary closing conditions.

PyroGenesis stated it intends to use proceeds for working capital and general corporate purposes. The Montreal-based company provides plasma-based technology solutions to heavy industry and defense sectors.

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