05-05-2025
- Business
- The Market Online
PyroGenesis CEO loans company up to C$5.575M
PyroGenesis (TSX:PYR), a provider of environmental solutions for heavy industry, has closed a non-brokered private placement with its president and chief executive officer, P. Peter Pascali, totalling up to C$5,575,000
PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases and manage waste at attractive economics
PyroGenesis stock has given back 29.03 per cent year-over-year and 38.89 per cent since 2020
PyroGenesis (TSX:PYR), a provider of environmental solutions for heavy industry, has closed a non-brokered private placement with its president and chief executive officer, P. Peter Pascali, totalling up to C$5,575,000.
The financing will consist of a loan deployed in up to three tranches to be agreed upon by Pascali and the company, with the final tranche to be issued no later than June 16, 2025. The company plans to use the funds for working capital and general corporate purposes.
Interest will be owed monthly at a rate of 5 per cent for the first year and 18 per cent per year thereafter, with a maturity date of three years. As per the agreement, prepayment is permitted with five days' notice.
According to Monday's news release, 'the loan will be secured by a hypothec on the universality of PyroGenesis' movable and immovable property.'
Pascali will receive a one-time, non-refundable fee of C$300,000 for his participation, as well as warrants expiring in four years for up to 12,554,585 PyroGenesis shares priced at C$0.458 each. Ownership data from Stockhouse shows that Pascali currently holds about 79.5 million shares representing 42.5 per cent of the company.
The loan follows PyroGenesis' profitable Q4, generating net income of C$145,320 while growing revenue by 40 per cent year-over-year to C$4.22 million. About PyroGenesis
PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases and manage waste at attractive economics.
PyroGenesis stock (TSX:PYR) is up by 2.33 per cent on the news trading at C$0.44 per share as of 10:02 am ET. The stock has given back 29.03 per cent year-over-year and 38.89 per cent since 2020.
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