You better take a very close look at the last two financingsRemember the headline on Feruary 14th??:
PyroGenesis Announces Minimum $7.5 Million Private Placement of Units, Including Concurrent Placement to CEO
Look closely what happened:
PyroGenesis Announces Closing of $5 Million Non-Brokered Private Placement
T.PYR | March 8, 2023
Read the text of those two news items closely.
The first item indicated the financing would involve a minimum $5 million in subscriptions from the public, and an additional commitment of $2.5 million from Mr Pascali.
That isn't how it closed.
So much for "minimums".
Now look at the headline for the issue in June:
PyroGenesis Announces $5 Million Brokered Private Placement of Convertible Debenture Units, Including Participation by CEO
T.PYR | June 22, 2023
That isn't how it closed either:
PyroGenesis Announces Closing of Brokered Private Placement of Convertible Debenture Units, Including Participation by CEO
T.PYR | July 21, 2023
"... is pleased to announce that it has closed its previously announced “best-efforts” brokered private placement offering (the “Offering”) of 3,030 unsecured convertible debenture units of the Company (the “Convertible Debenture Units”) at a price of C$1,000 per Debenture Unit, for aggregate gross proceeds of C$3,030,000." I've no interest in explaining the minutae of what actually happened during those two financings.
Suffice to say that the publiconly bought $2.5 million of the issue in March, and then only $1,030,000 of the issue in July.
It went from bad to worse.
On top of that, in a nutshell, it took a whole month for the company to raise $1,030,000 from the investing public back in June and July.
Every single person who participated regrets it.
They wish they'd never heard of Pyrogenesis, and they're probably pretty pissed, having watched the CEO selling stock down to 50-something cents while they were still locked-in.
This company will never do a public financing again.
Ever.
They couldn't find an underwriter if they tried.
They couldn't find an underwriter if the company's survival depended on it,
Which it does.