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PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES/
TORONTO, Jan. 23, 2012 /CNW/ - PyroGenesis Canada Inc. (TSX-V: PYR) (the
"Company") today provided an update regarding its previously announced
fully marketed offering of common shares of the Company (the "Offered
The Company is in ongoing discussions with various potential investors
and believes discussions are progressing positively. The Company
expects to be in a position to make a further announcement regarding
the status of the Offering in the next few weeks.
On November 16, 2011, the Company announced that it had agreed to issue
a minimum of 1,818,182 Offered Shares and a maximum of 4,545,455
Offered Shares at a price of $1.10 per Offered Share (the "Offering
Price") for aggregate gross proceeds to the Company of between
approximately $2,000,000 and $5,000,000 (the "Offering").
The Company has also granted the agents for the Offering an option to
acquire an additional number of common shares of the Company as is equal to 15% of the number of Offered Shares issued pursuant to
the Offering, at the Offering Price, exercisable in whole or in part at
any time up to 48 hours prior to the closing of the Offering. The
agents will also receive an aggregate cash fee equal to 7.0% of the
aggregate gross proceeds raised pursuant to the Offering, including any
proceeds from the exercise of the agents' option.
In addition, the agents will receive broker warrants equal to 7.0% of
the aggregate number of Offered Shares sold pursuant to the Offering
and any additional common shares issued upon exercise of the agents'
option. Each broker warrant will be exercisable to purchase one common
share of the Company at the Offering Price for a period of 12 months
following the closing of the Offering.
The Offering is being conducted by a syndicate of agents led by Versant
Partners Inc. (the "Agents").
This press release is not an offer to sell or the solicitation of an
offer to buy the securities in the United States or in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
qualification or registration under the securities laws of such
jurisdiction. The securities being offered have not been, nor will
they be, registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from U.S. registration
requirements and applicable U.S. state securities laws.
About the Company (www.pyrogenesis.com)
The Company is an environmental solutions company that designs, develops
and manufactures plasma waste-to-energy systems and plasma torch
products. The Company's proprietary plasma technologies utilize the
intense energy of plasma to gasify and vitrify virtually any type of
waste without producing hazardous byproducts. The Company's patented
gasification and vitrification technology is different from
incineration because it produces a clean synthetic gas from waste,
which can be used for power generation. The Company's technology can
also turn waste into a glassy rock that can be utilized as construction
material. The Company has marquee defense industry and civilian
customers that are using its technology in marine and land-based
This news release contains forward-looking statements, including
expectations on the timing of providing a further update with respect
to the status of the Offering. These forward-looking statements entail
various risks and uncertainties that could cause actual results to
differ materially from those reflected in these forward-looking
statements. Such statements are based on current expectations, are
subject to a number of uncertainties and risks, and actual results may
differ materially from those contained in such statements. These
uncertainties and risks include, but are not limited to, the strength
of the Canadian economy; operational, funding, and liquidity risks;
unforeseen engineering and environmental problems; delays or inability
to obtain required financing; risks associated with licenses, permits
and regulatory approvals; supply interruptions or labour disputes;
foreign exchange fluctuations and collection risk; and competition from
other suppliers or alternate less capital intensive energy solutions.
Risks and uncertainties about the Company's business are more fully
discussed in the company's disclosure materials, including its annual
information form and MD&A, filed with the securities regulatory
authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no
obligation to update any forward-looking statement or to update the
reasons why actual results could differ from such statements unless
required by law.
Neither the 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:
Chief Executive Officer
P. Peter Pascali