PyroGenesis Announces the Implementation of a NCIB
11 Februar 2022 - 01:00PM
PyroGenesis Canada Inc. (http://pyrogenesis.com) (NASDAQ: PYR)
(TSX: PYR) (FRA: 8PY), a high-tech Company (hereinafter referred to
as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes advanced plasma processes and
sustainable solutions to reduce greenhouse gases (GHGs), is pleased
to announce today that it has received acceptance from the Toronto
Stock Exchange (“TSX”) 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 February 15,
2022 and ending February 14, 2023, up to 7,500,000 common shares
(approx. 4.4% of its common shares issued and outstanding as of
February 7, 2022). As of February 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, which is equivalent to 25% of the Average Daily
Trading Volume of 312,357 calculated based on the trading volumes
on the TSX from August 1, 2021 to January 31, 2022.
Purchases under the NCIB may commence as of
February 15, 2022 and will end on the earlier of: (i) February 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 through alternative trading systems. The actual number of
common shares which will be purchased, and the timing of such
purchases, will be determined by the Company, and the price which
the Company will pay for the common shares will be the market price
at the time of the 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 from time to
time not 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 January 14, 2021 and ended on January 13, 2022,
5,000,000 common shares were approved for purchase, of which
840,094 common shares were purchased. The weighted average price
paid per common share purchased was 4.96$.
About PyroGenesis Canada
IncPyroGenesis Canada Inc., a high-tech company, is a
leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases (GHG), 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, and its 3,800 m2
and 2,940 m2 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. For
more information, please visit: www.pyrogenesis.com.
This press release contains certain
forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect", "in the process" and
other similar expressions which constitute "forward- looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current
expectation and assumptions and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to, our
expectations regarding the acceptance of our products by the
market, our strategy to develop new products and enhance the
capabilities of existing products, our strategy with respect to
research and development, the impact of competitive products and
pricing, new product development, and uncertainties related to the
regulatory approval process. Such statements reflect the current
views of the Company with respect to future events and are subject
to certain risks and uncertainties and other risks detailed from
time-to-time in the Company's ongoing filings with the securities
regulatory authorities, which filings can be found at
www.sedar.com, or at www.sec.gov. Actual results, events, and
performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements. The
Company undertakes no obligation to publicly update or revise any
forward- looking statements either as a result of new information,
future events or otherwise, except as required by applicable
securities laws. Neither the Toronto Stock Exchange, its Regulation
Services Provider (as that term is defined in the policies of the
Toronto Stock Exchange) nor the NASDAQ Stock Market, LLC accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE PyroGenesis Canada Inc. For further
information please contact:Rodayna Kafal, Vice President Investors
Relations and Strategic Business DevelopmentPhone: (514) 937-0002,
E-mail: ir@pyrogenesis.comRELATED LINK:
http://www.pyrogenesis.com/
PyroGenesis Canada (TSX:PYR)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
PyroGenesis Canada (TSX:PYR)
Historical Stock Chart
Von Mär 2023 bis Mär 2024