NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
MONTREAL, March 22, 2012 /CNW Telbec/ - PyroGenesis Canada Inc. (TSXV: PYR) (the "Corporation") announced today that it has filed and has been issued a receipt for a final short form prospectus in connection with its previously announced offering of Units ("Units") of the Corporation through Versant Partners Inc., as lead agent, and Stonecap Securities Inc.
The offering is for a minimum of 3,750,000 Units and a maximum of 8,750,000 Units at a price of $0.80 per Unit for aggregate gross proceeds to the Company of between $3,000,000 and $7,000,000 (the "Offering"). Each Unit will be comprised of one common share (a "Unit Share") of the Corporation and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Corporation at a price of $ 1.20 per common share for a period of three years following the issue of the Warrant. The Offering is expected to close on or about March 29th 2012.
The net proceeds raised under the Offering will be used for general corporate and working capital purposes, including, but not limited to, maintaining its business operations and furthering its business objectives of strategically hiring personnel to position the Company for expected growth in business, and implementing advanced information management systems.
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 by-products. 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 applications.
This news release contains forward-looking statements, including expectations on the timing of the completion 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.
For further information:
Chief Executive Officer