May 23, 2014 - Waste-to-energy technology firm PyroGenesis Canada Inc (CVE:PYR) said yesterday it had raised some CAD 3.49 million (USD 3.2m/EUR 2.4m) in gross proceeds from a private placement.
PyroGenesis mentioned it plans to use the money for general corporate purposes, working capital and development projects.
Together, the company and the offering’s sole agent and bookrunner sold 5.8 million units at a price of CAD 0.60 apiece. Every unit includes one common share and half of a warrant that entitles its holder to buy an additional common share at CAD 0.85 apiece.
Also, PyroGenesis said it had agreed to issue 7.5 million common shares to repay CAD 6 million in debt to its creditor Phoenix Haute Technology Inc. After completion of the deal, which needs the Toronto Stock Exchange's approval first, Phoenix will holds a 12.7% stake in the company.