22:45:57 EDT Tue 04 Oct 2022
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or Name

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PyroGenesis Canada Inc
Symbol PYR
Shares Issued 170,125,795
Close 2022-02-10 C$ 3.29
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PyroGenesis to buy back up to 7.5 million shares

2022-02-11 09:37 ET - News Release

Ms. Rodayna Kafal reports


PyroGenesis Canada Inc. has received acceptance from the Toronto Stock Exchange of its notice of intention to implement a normal course issuer bid (NCIB).

Pursuant to the NCIB, PyroGenesis may purchase, from time to time, over a period of 12 months starting on Feb. 15, 2022, and ending on Feb. 14, 2023, up to 7.5 million common shares (approximately 4.4 per cent of its issued and outstanding common shares as of Feb. 7, 2022). As of Feb. 7, 2022, there were 170,125,795 common shares of PyroGenesis issued and outstanding. On any given day during the NCIB, PyroGenesis may only purchase up to 78,089 common shares, or 25 per cent of the average daily trading volume of 312,357, calculated based on the trading volumes on the TSX from Aug. 1, 2021, to Jan. 31, 2022.

Purchases under the NCIB may commence as of Feb. 15, 2022, and will end on the earlier of: (i) Feb. 14, 2023; or (ii) the date on which the company has purchased the maximum number of common shares to be acquired under the NCIB. All purchases made by the company will be through Pollitt & Co. Inc., acting on behalf of the company. The purchases will be made in accordance with the rules of the TSX through the facilities of the TSX or alternative trading systems. The actual number of common shares that will be purchased and the timing of such purchases will be determined by the company, and the price that the company will pay for the common shares will be the market price at the time of purchase. The common shares purchased under the NCIB will be cancelled.

The company's board of directors believes that the market price of the company's common shares may not, from time to time, reflect the underlying value of the company, specifically its growth opportunities, and that the proposed purchasing of its common shares is in the best interests of the company and represents an appropriate use of corporate funds. It is expected that any purchases made by the company could also enhance value and liquidity for its shareholders.

Of note, this NCIB is further to a previous NCIB that the company had implemented. Under the previous NCIB, which started on Jan. 14, 2021, and ended on Jan. 13, 2022, five million common shares were approved for purchase, of which 840,094 common shares were purchased. The weighted average price paid per common share was $4.96.

About PyroGenesis Canada Inc.

PyroGenesis Canada is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions that reduce greenhouse gases and are economically attractive alternatives to conventional dirty processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion-dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, as well as its 3,800-square-metre and 2,940-square-metre manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997.

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