PyroGenesis Increases Bought Deal Offering Size to $3.7 Million
PyroGenesis announced an upsized bought deal offering of 10,882,500 units at $0.34 per unit for gross proceeds of $3.7 million. The company also plans a concurrent private placement of up to $2 million.
betakit.comPyroGenesis announced that it has increased the size of a previously announced bought deal offering to 10,882,500 units at $0.34 per unit. The offering is expected to raise gross proceeds of $3,700,050. Each unit consists of one common share and one warrant exercisable at $0.42 for 36 months.
The underwriter holds an option to increase the offering size by up to 15 percent with notice given up to 48 hours before closing. The company also intends to complete a concurrent non-brokered private placement of units at the same price for expected gross proceeds of up to $2 million.
Combined gross proceeds from the offering and private placement could reach $6,255,057.50 if the underwriter's option is fully exercised. The company plans to use net proceeds for working capital and contract advancements.
Key Facts
Potential Impact
- 01
The company will receive additional capital for working capital and contract work.
- 02
Warrants issued in the offering may lead to future share issuance.
Transparency Panel
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