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PyroGenesis Inc. ("PyroGenesis") (TSX: PYR,OTC:PYRGF) (OTCQX: PYRGF) (FRA: 8PY1), the leader in ultra-high temperature processes & engineering innovation, and a plasma-based technology provider to heavy industry & defense, announces today that further to its press release dated October 1, 2025 the Company has closed the final tranche of the 2 nd unit group of the previously announced non-brokered private placement (the "Private Placement"). The Private Placement sold 14,185,969 units for gross proceeds of $5,226,083, and is now closed.
- Each unit of the 1 st unit group consists of one common share of the Company (a "Common Share") and one common share purchase warrant (the "1 st Unit Group Warrant"), at a price of $0.63 per unit. Each 1 st Unit Group Warrant entitles the holder to purchase one Common Share at a price of $0.28 for a period of forty-eight (48) months following the closing date.
- Each unit of the 2 nd unit group consists of one Common Share of the Company and one common share purchase warrant (the "2 nd Unit Group Warrant"), at a price of $0.20 per unit. Each 2 nd Unit Group Warrant entitles the holder to purchase one Common Share at a price of $0.40 for a period of twenty-four (24) months following the closing date.
As previously announced ( press release dated Oct. 16, 2025 ) the 1 st unit group closed and sold 5,555,556 units (the "1 st Units") of the Company at a price of $0.63 per unit, for gross proceeds of $3,500,000. P. Peter Pascali, the President and CEO of PyroGenesis, subscribed to the entire first tranche of the first unit group.
Today we announce a second tranche closing in the 2 nd unit group by issuing and selling an additional 4,520,414 units (the "2 nd Units") of the Company at a price of $0.20 per unit, for gross proceeds of $904,083. As previously announced ( press release dated Oct. 29, 2025 ) a total of 4,110,000 units closed as a first tranche for gross proceeds of $822,000. In total, 8,630,414 units were issued under the 2 nd unit group for gross proceeds of $1,726,083.
Both unit groups are now closed.
In summary, the Private Placement (consisting of both 1 st and 2 nd unit groups), issued and sold a total of 14,185,969 units for total gross proceeds of $5,226,083.
The Common Shares and warrants issued in connection with the Private Placement, and the Common Shares underlying the warrants, will be subject to a statutory hold period of four months and one day from the date of the closing, in accordance with applicable securities legislation.
PyroGenesis intends to use the proceeds of the Private Placement for working capital and general corporate purposes.
The Private Placement has been conditionally approved by the TSX, but remains subject to the TSX's final approval, as well as other customary closing conditions.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States, unless an exemption from such registration is available.
About PyroGenesis Inc.
PyroGenesis leverages 34 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis' engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis' operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis' shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges
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 contact ir@pyrogenesis.com or visit http://www.pyrogenesis.com
