MONTREAL, Feb. 11, 2022 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (NASDAQ: PYR) (TSX: PYR) (FRA: 8PY), a high-tech Company (hereinafter referred to as the “Company” or “PyroGenesis”), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases (GHGs), is pleased to announce today that it has received acceptance from the Toronto Stock Exchange (“TSX”) of its Notice of Intention to implement a Normal Course Issuer Bid (“NCIB”).
Pursuant to the NCIB, PyroGenesis may purchase, from time to time, over a period of 12 months starting February 15, 2022 and ending February 14, 2023, up to 7,500,000 common shares (approx. 4.4% of its common shares issued and outstanding as of February 7, 2022). As of February 7, 2022, there were 170,125,795 common shares of PyroGenesis issued and outstanding. On any given day, during the NCIB, PyroGenesis may only purchase up to 78,089 common shares, which is equivalent to 25% of the Average Daily Trading Volume of 312,357 calculated based on the trading volumes on the TSX from August 1, 2021 to January 31, 2022.
Purchases under the NCIB may commence as of February 15, 2022 and will end on the earlier of: (i) February 14, 2023; or (ii) the date on which the Company has purchased the maximum number of common shares to be acquired under the NCIB. All purchases made by the Company will be through Pollitt & Co. Inc. acting on behalf of the Company. The purchases will be made in accordance with the rules of the TSX, through the facilities of the TSX or through alternative trading systems. The actual number of common shares which will be purchased, and the timing of such purchases, will be determined by the Company, and the price which the Company will pay for the common shares will be the market price at the time of the purchase. The common shares purchased under the NCIB will be cancelled.
The Company's Board of Directors believes that the market price of the Company's common shares may from time to time not reflect the underlying value of the Company, specifically its growth opportunities, and that the proposed purchasing of its common shares is in the best interests of the Company and represents an appropriate use of corporate funds. It is expected that any purchases made by the Company could also enhance value and liquidity for its shareholders.
Of note, this NCIB is further to a previous NCIB that the Company had implemented. Under the previous NCIB, which started on January 14, 2021 and ended on January 13, 2022, 5,000,000 common shares were approved for purchase, of which 840,094 common shares were purchased. The weighted average price paid per common share purchased was 4.96$.