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PyroGenesis closes final tranche of C$3.5 million financing after increased investor interest

The final tranche for gross proceeds of C$580,000 concludes a successful round of financing boosted after receiving late investor interest in the second tranche
canadian money
The Montreal-based company issued just over 6 million shares for gross proceeds of C$3.5 million

PyroGenesis Canada Inc (CVE:PYR) (OTCMKTS:PYRNF) announced Wednesday that it has closed the final tranche of a C$3.5 million financing to push forward its plasma manufacturing business.

The final tranche for gross proceeds of C$580,000 concludes a successful round of financing boosted after receiving late investor interest in the second tranche.

In total, the Montreal-based company issued just over 6 million shares for gross proceeds of C$3.5 million. The second tranche consisted of 1 million units at a price of C$0.58 per unit.

READ: PyroGenesis Canada reports success with PUREVAP project, which can reduce cost of making silicon metal

Under the terms of the transaction, each unit consisted of one share and one full warrant, exercisable at C$0.85 for a two-year period following the closing date.

The company designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products. Plasma is highly electrically conductive, making it incredibly useful in high-tech manufacturing industries.

Shares of PyroGenesis ticked 1.9% higher to C$0.55 on Wednesday afternoon in Toronto.

Contact Angela at [email protected]

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