im really curious what the extra cash is for given that working capital was a non-issue that was stated in plain English not 10 days ago.
something major behind the scenes I would wager, might not have anything to do with stuff we are expecting or lines of business that are high visibility... perhaps additional investments in purevap? Or dros?
....Listing is subject to the approval of the TSX in accordance with its original listing requirements for technology companies. The TSX has not conditionally approved the company’s listing application and there is no assurance that the TSX will approve the listing application. Without limitation, the original listing requirements of the TSX provide that a company must have a minimum of $10,000,000 in the treasury, the majority of which has been raised by the issuance of securities qualified for distribution by a prospectus, which requirement is not currently satisfied by the company.
“We are proud to announce today that the Board of Directors of PyroGenesis, believing that the Company is at a stage where investors could benefit from an up-listing to a more senior exchange, has taken, and is taking, steps to do just that,” said P. Peter Pascali, CEO of PyroGenesis Canada Inc. “Although the Company does not need to raise cash for working capital purposes it does not, as noted, have on its balance sheet the requisite funds raised by prospectus which is mandated by the TSX for any company that wants to be listed as a technology company. Upon receiving conditional approval from the TSX, the Company will consider, based on market conditions at the time, if it will proceed in due course. In the interim, the Company has, and will, file the appropriate documents and take all other measures to be in position to act quickly should the opportunity to up-list be acceptable to the Board of Directors. Notwithstanding our sincere desire to up-list, there is no guarantee that either the TSX will approve the listing application or that the market conditions at the time of approval will be acceptable to the Board.