The week aheadI'm expecting the momentum to maintain this week, and likely increase.
Would not be surprised at all if the conditional approval for uplisting to the TSX is announced Monday. The financing doesn't need to be closed to receive conditional. [Eg. Dynacert: got conditional uplist approval in mid May and didn't close financing until early June; and they weren't nearly as far along in other ways as PYR in all the other areas and had a share price hovering around a buck. I use the example of Dynacert frequently because a) it's a Canadian tech firm, b) it's newly graduated to the TSX, and c) it's in the clean-tech space. It's probably more relative to HPQ than PYR, actually.].
If the bought deal really only commenced this week, they need a few more days to close, at least until end of week. Fortunately it's not a large $ value, so should be quick, with the only potential lag being if the syndicate of buyers gets complicated (despite Mackie being announced, they're most assuredly just primary and not the sole buyer; spreading the risk is the name of the game, and several investment houses will have been invited in by Mackie to share the fun AND speed things up). Two recent venture exchange examples of bought deal timelines: Blackline Safety (BLN.V) recently did a bought deal, announcing on Aug 13, closing Sept 2, but that was for $36MM. Also CloudMD (DOC.V) announced a bought deal for $20MM on Sept 2 and closed Sept 22.
So both of those took 2.5 to 3 weeks, but were 2-3 size the $ amounts, and neither were for meeting TSX uplisting criteria, so there was no speed push per se. The aforementioned Dynacert (DYA.TO) did their $8.3MM bought deal for uplisting in two weeks between June 2 and the closing of June 18, while also not being in as sturdy position overall as PYR.
It's possible PYR can close the bought deal this week given the small $ amount, but likely not until early next week, which would still be fast. Oh, and once the bought deal does close, there is a chance some torch news gets released -- maybe not the giant one (likely saved for week one of uplist at this point), but maybe something about client B or C providing draft contracts.
As for the actual final uplisting announcement: using the Dynacert example, they announced final uplist approval (July 2) exactly two weeks after announcing close of their bought deal (June 18). If PYR gets conditional uplist approval tomorrow to Wednesday, can close the bought deal this Friday, they might have a shot at being given final uplist a week later by Friday the 30th, with trading commencing on Monday the 2nd. The race is definitely on. Worst case, 1-1.5 weeks later.
Other activity: since Peter has been doing the rounds of the investment banks during the last two weeks for his bought deal, he was likely getting some valuable feedback, which could result in different kinds of activity out of PYR this week and next. As close as he is to the business, it's important to gain outsider perspective, especially from those whose sole job is capital markets and what appeals to investors.
For instance, I highly suspect one of the reasons for the recent PYR job postings for sales roles came about as a result of bankers inquiring about his sales efforts, as they want to ensure their investment is worthy. Keep tabs on the PYR web site for more job roles appearing, or other things, like an update to the investor presentation containing new tidbits recommended by the bankers, as these could indicate what's in store or what subtle direction shifts may be occurring at the bankers' recommendation.
The bankers also might have asked Peter to emphasize one or more parts of the business for greater appeal, so we might see either some news this week regarding other less talked about areas to show diversity of offering and that they're not a one-trick-pony (not that they are, but you know what I mean), or conversely, even more information coming out about their primary business line of torches and Purevap -- maybe annoucements on finalizing of patents, for instance -- to drive home the advantage. There may be a new executive hire announcement in a key area, an announcement of a partnership to show more validation (if not sales), an announcement that a new area is being pursued (a la the Drosite strategy announcement), or even that a critical new step has been achieved in their R&D.
HPQ: finally, I think HPQ is setting up for its own uplisting very soon. It makes sense. They will need the financing of the big board to maintain R&D and their competitive advantage for years to come. It's still a little low at under $0.60 a share and a $144MM market cap, but as it approaches a dollar a share the reality draws near.
To that end, we may start to see even more talk by PYR about HPQ, as they seek to "sponsor" their business partners' uplisting efforts. HPQ may begin to feature more prominently in PYR's investor presentation material and videos, and vice versa. Definitely as December's powder sample release date gets closer, HPQ's share price will rise in anticipation. In conjunction, we may see HPQ file the intention to uplist paperwork; if that happens, we'll knows good things are forthcoming on powder sale. In the same way we suspect PYR's torch clients want them to be on the big board in tandem to announcing their giant contracts, the same could be true for HPQ, given who HPQ is dealing with (global automaker, aerospace company, etc.).
Looking forward to Monday.