Clean as a Whistle Good Evening All,
Another day come & gone. Certainly getting closer to what we all want to know about. Contracts !
Today's heads up, NR, was a good sign, IMO, of what we may expect with the 3rd Qtr results to come. And that is an even more, clean as a whistle, PYR Balance Sheet that I/we do so look forward to seeing also.
Here is the NR of earlier today:
2020-10-01 10:19 ET - News Release
Mr. Peter Pascali reports
PYROGENESIS' CEO FILES EARLY WARNING REPORT; REFLECTS INCREASE IN OWNERSHIP BY 3.225 MILLION SHARES
PyroGenesis Canada Inc.'s chief executive officer, P. Peter Pascali, has filed an early warning report. This early warning report reflects the conversion by Fiducie de Credit Mellon Trust of a convertible loan of $903,000 into 3,225,000 common shares of the company at the request of the company, in accordance with the terms of a loan agreement between the trust and the company dated March 18, 2020. The loan agreement was previously disclosed by the company in a press release issued on March 18, 2020.
As a result of the conversion of the loan, Mr. Pascali: (i) beneficially owns and controls 60,327,941 common shares; (ii) controls 7,251,000 common shares beneficially owned by 8339856 Canada Inc. (Holdco); and (iii) controls 9,459,781 common shares beneficially owned by the trust. These holdings represent, in aggregate, 77,038,722 common shares, or slightly over 50 per cent of the issued and outstanding common shares (154,067,292 common shares). Holdco is a Canadian holding company of which Mr. Pascali is a director, executive officer and the sole shareholder, and the trust is a Quebec family trust of which Mr. Pascali is a trustee, executive officer and beneficiary. The trust and Holdco may be considered to be joint actors with Mr. Pascali.
On a fully diluted basis, assuming all options fully vest, Mr. Pascali, together with Holdco and the trust, would beneficially own and control 52.19 per cent of the issued and outstanding common shares of the corporation.
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So there you have it. ' Reflects the conversion ' which in turn, IMO, means at the very least, a lower debt by $ 902K for the 3rd Qtr.
How much debt after this is another million $ question. I'm not the CEO but Peter is, and one thing I do feel strongly is that Peter is going to show us more than just good #s for this Qtr just finished.
Wait & see. That's what is part of your patience & rewards reqd to staying Long with PYR.
Note: PYR is aiming for release of Qtrly results based on the senior TSX timeline. Thus by Nov. 16,2020 is the time line for financial reporting. But, they could release earlier. Time will tell.
Best wishes to All, good health,
Sincerely,
Topseeker