PyroGenesis Announces Receipt of Military Contracts for $280,000; The Exercise of $2,182,741 in Warrants and Options, and an R&D Tax Credit Financing of $537,400
MONTREAL, Jan. 30, 2018 - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V:PYR) (OTCQB:PYRNF), a high-tech corporation (the “Corporation” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announces today, further to its press release dated December 13, 2017 that it has received two additional military contracts for US$218,000 (CAN$280,000).
As previously announced in a press release dated December 13, 2017 the Corporation had received a number of small contracts, relating to its current military business lines, with a value exceeding US$1.2MM (CAN$1.8MM), and that additional contracts for US$218,000 (CAN$280,000) were expected. These additional contracts have been received as expected. As of today, the total value of signed military contracts exceeds US$1.4MM (CAN$2.1MM). An additional contract of US$261,000 (CAN$335,000) is expected during Q1 2018. All signed military contracts are expected to be completed, for the most part, during Q1 2018.
Additionally, the Corporation announces that it has received CAN$1,543,116 pursuant to the exercise of warrants and options during Q4 2017 and an additional CAN$639,625 has been received to date as a result of the exercise of warrants and options in Q1 2018, for a total of CAN$2,182,741.
Separately, the Corporation announced that it has completed a financing in which the Corporation received funding in the form of two (2) loans (together, the “Loans”) for a total of CAN$537,400 with respect to its scientific research and experimental development credit (“SR&ED Tax Credits”) for the Corporation’s fiscal years ending December 31, 2016 and December 31, 2017 (the “Financing”). Pursuant to the Financing, the Corporation granted R & D Capital a security interest (movable hypothec without dispossession) on the universality of its assets excluding its Intellectual Property but including the refundable portion of its SR&ED Tax Credits for the fiscal years ending December 31, 2016 and December 31, 2017.
“The exercise of these warrants and options, together with R&D Tax Credit financing, provides PyroGenesis with the opportunity to consider implementing plans to accelerate our production capacity of metal powders for the Additive manufacturing (3D Printing) industry,” said P. Peter Pascali, President and CEO of PyroGenesis. “Overall, to date, our strategy is continuing to progress far better than planned, and we are very pleased with the discussions taking place with end users, powder distributers, and printer manufacturers. We expect to provide a further update on developments within the next few weeks.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. 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 9001:2008 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
