MONTREAL, Aug. 13, 2018 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V:PYR), a TSX Venture 50® high-tech company, (the "Company", the “Corporation” or "PyroGenesis") a Company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch systems, is pleased to announce today, that it has increased its ownership in HPQ Silicon Resources Inc ("HPQ") to 9.6% (12.03% fully diluted) by acquiring 16,250,000 units (the “Unit”) of HPQ in a private placement at a price of 0.12$ per Unit for total investment of $1,950,000. Each Unit consists of one common share (a "Common Share") of HPQ and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the Company to purchase one Common Share at a price of $0.17 for a period of 36 months pursuant from the issue date.
As previously disclosed, PyroGenesis had been engaged by HPQ to demonstrate, on a laboratory scale, that the PUREVAP™ process can produce high purity silicon metal from quartz in a one step process. Pursuant to a Can$8.3 MM contract signed with HPQ in August 2016, PyroGenesis is now designing, fabricating, assembling, commissioning and testing a PUREVAP™ pilot system to produce silicon metal directly from quartz.
The investment announced today is part of a total financing of $5,250,000 by HPQ. HPQ has announced today that it has secured a total financing package of $5,250,000 which includes a participation of $1,800,000 from the Government of Quebec through the Créativité Québec program under Investissement Quebec. As a result of this successful financing HPQ has fully secured its obligations under the contract with PyroGenesis.
“We wish to congratulate Bernard Tourillon, and the whole HPQ team, for putting together this financing which has in effect secured the financing for the balance of the project with PyroGenesis,” said Mr. P Peter Pascali, CEO and President of PyroGenesis. “The fact that after significant due diligence the Government of Quebec is now a significant player with HPQ speaks volumes for not only the progress we have made so far but the potential going forward. I expect that this is just one of many doors that will now open up for HPQ. We are working with a great team, with a great product, and we would not preclude increasing our ownership in HPQ in the future should the opportunity arise.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. PyroGenesis provides technical and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing (3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Its core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and technical services to the global marketplace. Its operations are ISO 9001 certified, and have been ISO certified since 1997. PyroGenesis is a publicly-traded Canadian corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace (Ticker Symbol: PYRNF). For more information, please visit www.pyrogenesis.com.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTC Markets Group Inc. accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information: Rodayna Kafal, VP, Investor Relations and Strategic Business Development, Phone: (514) 937-0002, E-mail: firstname.lastname@example.org