PyroGenesis Announces Warrant Repricing

Rhea-AI Summary

PyroGenesis (TSX: PYR) (OTCQX: PYRGF) has announced modifications to 1,710,350 common share purchase warrants. The changes include reducing the exercise price to $0.60 per share starting February 17, 2025, affecting two groups of warrants: 1,520,350 warrants currently priced at $0.75 and 190,000 warrants at $1.25. The warrants will expire on March 7, 2025.

The warrant certificates will be updated to reflect PyroGenesis' new corporate name and address, with all other terms remaining unchanged. The repricing requires final documentation with warrant holders, none of whom are company insiders. The TSX has approved these changes, subject to standard conditions. Proceeds from warrant exercises will support general corporate purposes.

Positive

• TSX approval received for warrant repricing, subject to conditions
• Potential to raise capital through warrant exercises for general corporate purposes

Negative

• Warrant repricing from $0.75 and $1.25 to $0.60 represents a significant price reduction, potentially indicating challenges in attracting investment at higher prices
• Dilutive effect on existing shareholders if warrants are exercised

News Market Reaction

+2.85%

1 alert

+2.85% News Effect

On the day this news was published, PYRGF gained 2.85%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MONTREAL, Jan. 31, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, announced today that up to 1,710,350 common share purchase warrants (the “Warrants”) will be amended. Of the 1,710,350 Warrants, 1,520,350 Warrants currently have an exercise price of $0.75 and 190,000 Warrants currently have an exercise price of $1.25. The Warrants will expire on March 7, 2025. Commencing on February 17, 2025, the exercise price of the Warrants held by holders wishing to participate in this repricing will be reduced to $0.60 per share. The warrant certificates will also be amended to reflect the recent change in PyroGenesis’ corporate name and address. All other terms of the Warrants will remain unchanged. The implementation of the repricing and amendments remain subject to the finalization of the documentation with the applicable holders of Warrants.

None of the holders of Warrants that are to be amended are insiders of the Company.

The Company has received approval of the repricing and amendments from the TSX, subject to satisfaction of customary conditions. The net proceeds from the exercise of Warrants will be used for general corporate purposes, as applicable.

About PyroGenesis Inc.

PyroGenesis, a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional “dirty” processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m² and 2,940 m² manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY).

Cautionary and Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws.

Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.

For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
E-mail: ir@pyrogenesis.com
http://www.pyrogenesis.com

FAQ

What is the new exercise price for PYRGF warrants after the repricing announcement?

The new exercise price will be $0.60 per share, effective February 17, 2025, down from the current prices of $0.75 and $1.25.

How many warrants are affected by PyroGenesis' repricing announcement?

A total of 1,710,350 warrants are affected, consisting of 1,520,350 warrants currently at $0.75 and 190,000 warrants at $1.25.

When do the repriced PYRGF warrants expire?

The warrants will expire on March 7, 2025.

Are any PyroGenesis insiders participating in the warrant repricing?

No, none of the holders of warrants that are to be amended are insiders of the company.

What will PyroGenesis use the proceeds from warrant exercises for?

The net proceeds from the exercise of warrants will be used for general corporate purposes.