PyroGenesis Canada (TSXV:PYR) has announced that further to its press release of January 10, 2017 where it announced that it had signed two more military contracts totalling roughly USD$1.2 million, the company has received USD$367,928 under one of the contracts.
As quoted in the press release:
The payment announced today is one of several payments received since January 10, 2017, by PyroGenesis totaling US$925,122 (CAN$1.2MM) under an original contract worth US$978,312 (CAN$1.25MM). The balance of approximately US$53K (CAN$68K) is expected to be received during Q3 2017.
Additionally, the Company announces today that CAN$300,000 of warrants have been exercised. “This exercise of warrants is timely,” said P. Peter Pascali, President and CEO of PyroGenesis. “We are currently looking beyond the ramp-up phase towards increasing production capacity ahead of our original expectations. This exercise of warrants, together with any future exercise of warrants and options, will enable us to implement plans to accelerate our original schedule to increase our production capacity of metal powders for the Additive manufacturing (3D Printing) industry. We are currently looking at ways to have up to three (3) additional powder production systems operating in 2018. Overall, to date, our metal powder production strategy is progressing far better than planned, and we are very pleased.”