- PyroGenesis (PYR) has withdrawn its up to $12.5 million financing over minimum liquidity concerns
- Quebec’s Autorité des marchés financiers (AMF) determined that PyroGenesis does not have sufficient funds to meet its business objectives and liquidity requirements over the next 12 months, a requirement under the Listed Issuer Financing Exemption
- The company intends to address the AMF’s concerns over the next 15 days
- PyroGenesis Canada offers advanced plasma processes and sustainable solutions to reduce greenhouse gas emissions
- PyroGenesis Canada (PYR) opened with a gain of 3.41 per cent trading at $0.91 per share
PyroGenesis (PYR) has withdrawn its up to $12.5 million financing over minimum liquidity concerns.
The AMF, the securities regulatory authority of Quebec, issued an order to suspend the financing, alleging a failure to satisfy all requirements under the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106.
Specifically, the authority determined that PyroGenesis does not have sufficient funds to meet its business objectives and liquidity requirements over the next 12 months.
PyroGenesis and Cormark Securities intend to provide evidence to assuage the AMF’s concerns over the next 15 days before revisiting financing options.
The financing has received over $10 million in orders, including a $2.5 million concurrent private placement from CEO P. Peter Pascali.
PyroGenesis Canada offers advanced plasma processes and sustainable solutions to reduce greenhouse gas emissions.
PyroGenesis Canada (PYR) opened with a gain of 3.41 per cent, trading at $0.91 per share.
