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MONTREAL, June 4, 2014 /CNW Telbec/ - PyroGenesis Canada Inc. ("PyroGenesis") (TSXV: PYR), a TSX Venture 50® plasma solutions company that designs,
develops and manufactures plasma waste-to-energy systems and plasma
torch systems, is pleased to announce that, further to its press
release of May 23, 2014, the Company has received final approval from
the TSXV for the previously announced shares for debt transaction (the
"Shares for Debt Transaction") wherein PyroGenesis announced that it had completed a Shares for Debt
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
Share to Phoenix Haute Technology Inc. ("Phoenix"), to settle $6 million owing by PyroGenesis to Phoenix. Phoenix is a
company wholly owned by the father of the CEO of PyroGenesis.
Separately, the CEO of PyroGenesis, Mr. Pascali Jr., also invested
$700,000 into the Private Placement which the Company announced on May
22, 2014 as having closed oversubscribed.
As previously reported, following completion of the Shares for Debt
Transaction, Phoenix, will hold 10,441,524 Common Shares, representing
approximately 12.97% of the issued and outstanding Common Shares and
Phoenix and Mr. Pascali Snr, taken together, will hold, directly or
beneficially, an aggregate of 24,615,795 Common Shares, representing
approximately 30.57% of the issued and outstanding Common Shares.
The Common Shares issued pursuant to the Shares for Debt Transaction
will be subject to a hold period of four months and one day from the
date of issuance thereof under applicable securities laws and TSX
Venture Exchange ("TSXV") rules. The transaction is subject to final approval of the TSXV.
Phoenix has acquired the Common Shares for investment purposes and may,
in the future, acquire or dispose of the Common Shares through the
market, private or otherwise as circumstances or market conditions
A copy of the early warning report filed with the applicable securities
regulators regarding the Shares for Debt Transaction is available under
PyroGenesis' profile on SEDAR at www.sedar.com.
PyroGenesis, a TSX Venture 50® company, is the world leader in the
design, development, manufacturing and commercialization of advanced plasma processes. We provide engineering
and manufacturing expertise, cutting-edge contract research, as well as
turnkey process equipment packages to the defense, metallurgical,
mining, advanced materials, oil & gas, and environmental industries.
With a team of experienced PyroClassTM engineers, scientists and
technicians working out of our Montreal office and our 3,800 m2
production facility, PyroGenesis maintains its competitive advantage by
remaining at the forefront of technology development and
commercialization. Our core competencies allow PyroGenesis to lead the
way in providing innovative plasma torches, plasma waste processes,
high-temperature metallurgical processes, and engineering services to
the global marketplace. Our operations are ISO 9001:2008 certified, and
have been since 1997. PyroGenesis is a publicly-traded Canadian company
on the TSX Venture Exchange (Ticker Symbol "PYR"). For more
information, please visit www.pyrogenesis.com.
Disclaimer in Regards to Forward-Looking Statements
Certain statements made in this press release that are not historical
facts are forward-looking statements and are subject to important
risks, uncertainties and assumptions, including statements with respect
to the size of the Offering and the use of proceeds from the Offering.
The results or events predicted in these forward-looking statements may
differ materially from actual results or events. As a result, readers
are cautioned not to place undue reliance on these forward-looking
statements. The forward-looking information contained in this press
release represents PyroGenesis' current expectations. PyroGenesis
disclaims any intention and assumes no obligation to update or revise
any forward-looking information, except if required by applicable
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: PyroGenesis Canada Inc.
For further information:
P. Peter Pascali, Chief Executive Officer
Phone: (514) 937-0002