PyroGenesis Announces Block Sale of HPQ Silicon Inc. Shares to its President and CEO
MONTREAL, April 10, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce its block sale of 3,779,700 shares in HPQ Silicon Inc. (“HPQ”) to P. Peter Pascali, President and CEO of PyroGenesis, for an aggregate purchase price of $661,447.50, representing a per share price of $0.175. The sale remains subject to TSX approval.
The transaction was approved unanimously by the board of directors of PyroGenesis with Mr. Pascali abstaining and will close immediately following receipt of regulatory approval.
“This sale will bring PyroGenesis an influx of cash on favourable terms,” said Andre Mainella, Chief Financial Officer of PyroGenesis. “It also underscores the continued support of Mr. Pascali of PyroGenesis and HPQ.”
The Company and HPQ are engaged in several long-term projects together, most notably the Fumed Silica Reactor (FSR) project and the PUREVAPTM Quartz Reduction Reactor (QRR) project.
The FSR project, being conducted in conjunction with HPQ Silica Polvere Inc. (“HPQ Polvere”), a wholly owned subsidiary of HPQ, is an initiative to create fumed silica from quartz in a single step. The QRR project is an initiative to create high purity silicon from quartz in a single step using a plasma reactor. For both projects, PyroGenesis is the exclusive supplier of the technology. For the FSR project, the Company benefits from a royalty payment representing 10% of HPQ Polvere’s eventual sales, with set minimums. This royalty stream can, at any time, be converted by PyroGenesis into a 50% ownership in HPQ’s remaining equity stake in HPQ Polvere.
Mr. Mainella added: “We are excited about what the future holds for the projects in development with HPQ. Together, we continue to develop what we believe represents ground-breaking approaches for producing in-demand materials for heavy industry. We look forward to continuing our fruitful collaborations with HPQ.”