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PyroGenesis to raise C$2 million to fund plasma activities

The Montreal-based company designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products
pyrogenesis torch
PyroGenesis designs and manufactures plasma torches such as the one above

PyroGenesis Canada Inc (CVE:PYR) (OTCMKTS:PYRNF) announced Friday it is planning to raise approximately C$2 million to fund the high-tech company’s plasma activities.

The Montreal-based company designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products.

The company is issuing 3.5 million shares at $0.58 per share for proceeds up to $2.03 million, including a warrant entitling the holder to acquire one common share at $0.85 per share with a two-year expiration date.

The placement is subject to final approval of the TSX Venture Exchange as well as other customary closing conditions.

Shares of PyroGenesis slid 1.5% on Friday to sit at $0.65.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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