MONTREAL, May 20, 2026 (GLOBE NEWSWIRE) -- PyroGenesis Inc. ("PyroGenesis" or the "Company") (TSX:PYR) (OTCQX:PYRGF) (FRA: 8PY1), a leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, announces today that due to strong investor demand, it has entered into an amendment agreement with Research Capital Corporation ("RCC"), as the sole underwriter and sole bookrunner (the "Underwriter"), to increase the size of its previously announced "bought deal" offering, pursuant to which the Underwriter has agreed to purchase, on a "bought deal" basis pursuant to the Listed Issuer Financing Exemption ("LIFE"), 10,882,500 units of the Company (the "Units") for aggregate gross proceeds to the Company of $3,700,050 (the "Offering") at a price per Unit of $0.34 (the "Offering Price").
Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share of the Company at a price of $0.42 for a period of 36 months from the Closing Date of the Offering.
The Underwriter has an option (the "Underwriter's Option") to increase the size of the Offering by up to 15% by giving written notice of the exercise of the Underwriter's Option, or a part thereof, to the Company at any time up to 48 hours prior to the Closing Date (as defined herein).
In addition to and concurrent with the Offering, the Company intends to complete a non-brokered private placement offering (the "Concurrent Private Placement") of Units of the Company at the Offering Price for expected gross proceeds to the Company of up to $2,000,000 with the exception of the Warrants to be issued to Mr. Pascali under the Concurrent Private Placement, which will expire 24 months from the Closing Date of the Offering. The Concurrent Private Placement is expected to be subscribed solely by Mr. P. Peter Pascali, the Company's President and Chief Executive Officer. The closing of the Concurrent Private Placement is expected to occur at the same time as the Offering and is subject to the Company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange (the "TSX"). All Units acquired pursuant to the Concurrent Private Placement will be subject to a hold period of four (4) months pursuant to applicable Canadian securities laws.
Combined, the Offering and the Concurrent Private Placement are expected to provide gross proceeds of up to $6,255,057.50 to the Company, assuming the full exercise of the Underwriter's Option.
The Company intends to use the net proceeds from the Offering and Concurrent Private Placement for working capital and advancements of contracts and backlog.
