In a recent communication, PyroGenesis Inc. (TSX: PYR, OTC: PYRGF, FRA: 8PY1), a leader in advanced engineering and technology solutions for heavy industries and defense, issued a statement addressing a misleading online post made by one of its board members. This post, which emerged outside regular trading hours, inadvertently shared incorrect information regarding the company’s ongoing private placement.
On October 11, PyroGenesis became aware of an online message that included details about its private placement initiative, initially announced on October 1.
While the communication contained some accurate information, it also incorrectly claimed that the private placement had been oversubscribed, suggesting that it had raised between $7.5 million and $8 million. Recognizing the potential confusion this could create, the company promptly requested that any copies of this now-deleted post be disregarded.
Table of Contents:
The facts
PyroGenesis wishes to clarify that the private placement is still in progress, with a targeted funding amount of approximately $5 million. The incorrect assertion regarding oversubscription is not accurate at this point. The company has confirmed that it is actively working toward completing the first tranche of the placement within the coming week, and there has been no official announcement regarding oversubscription.
Reactions
Maintaining clear and accurate communication is vital for PyroGenesis, especially in the context of corporate governance. The company emphasizes its commitment to transparency and responsible disclosure practices. The board of directors has thoroughly reviewed the situation and has taken corrective measures to ensure that such misunderstandings do not occur in the future.
About PyroGenesis
With over three decades of expertise in plasma technology, PyroGenesis provides cutting-edge engineering solutions to tackle challenges in energy, propulsion, material processing, and environmental services across multiple sectors. The company serves a diverse clientele, including top-tier firms in the aerospace, aluminum, steel, and military industries. Headquartered in Montreal, PyroGenesis prides itself on its commitment to innovation, demonstrated through its ISO 9001:2015 and AS9100D certifications, which have been in place since 1997.
Forward-looking statements and caution
This announcement contains forward-looking statements as defined by applicable securities laws. These statements reflect management’s current beliefs regarding future events and operational performance. However, they are inherently subject to risks and uncertainties that could cause actual results to diverge significantly from those anticipated.
Factors that could lead to such discrepancies include the risks outlined in PyroGenesis’ latest annual information form and other regulatory filings available under its profile on SEDAR+. Stakeholders are encouraged to consider these risk factors carefully. PyroGenesis does not undertake any obligation to update or revise forward-looking statements unless required by securities regulations.
For any inquiries, please contact [email protected] or visit the official PyroGenesis website.
