PyroGenesis Clarifies Recent Online Board Member Statement
MONTREAL – PyroGenesis Inc. (TSX: PYR) (Other OTC: PYRGF) (FRA: 8PY1), a pioneering leader in ultra-high temperature processes, has taken important steps following an online statement from a member of its board of directors.
Background of the Incident
Recently, it was brought to the attention of PyroGenesis that a board member had made an online post during market hours containing details about the Company’s ongoing non-brokered private placement. This communication inadvertently included misleading information. Once the inaccuracies were recognized, the post was promptly removed.
Details of the Private Placement
The online post referenced an oversubscription claim of the private placement, indicating an amount between $7.5 million and $8 million had been raised. However, PyroGenesis clarified that, while they had announced a private placement of around $5 million, it is still in progress and is not officially oversubscribed.
This clarification is crucial for investors and stakeholders. At the time of the press release, the ongoing placement had not reached an oversubscription threshold. The first tranche of this private placement is anticipated to be finalized in the near future, signaling a continued commitment to transparency and governance.
Commitment to Corporate Governance
PyroGenesis values its reputation and is dedicated to maintaining high standards of corporate governance. The board convened to fully review the circumstances surrounding the post, and measures have been established to prevent such occurrences in the future.
About PyroGenesis Inc.
With a legacy of over 30 years, PyroGenesis excels in plasma technology and innovations that tackle challenges across various sectors, including energy, propulsion, and emissions management. The Company’s expertise supports major industries, from aluminum and aerospace to military applications, affirming its vital position in the global market.
Headquartered in Montreal, the organization operates according to ISO 9001:2015 and AS9100D standards, underscoring its commitment to quality and performance. As it continues to advance energy transition technologies, PyroGenesis is focused on broadening its impact and client base.
Frequently Asked Questions
What led to the clarification from PyroGenesis?
A member of the board made an online post that contained incorrect information regarding the private placement, prompting the need for clarification.
What was the misleading information about the private placement?
The post inaccurately claimed the private placement was oversubscribed, indicating higher-than-actual funds raised.
Has the private placement been completed?
No, the private placement is currently ongoing, and it has not officially reached an oversubscription status.
What steps has PyroGenesis taken in response?
The company has reviewed the board member's statement and established corrective measures to ensure accurate communication in the future.
How long has PyroGenesis been in operation?
PyroGenesis has over 30 years of experience in plasma technology, making it a trusted leader in its field.
