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MONTREAL, Feb. 23, 2023 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX:PYR) (NASDAQ:PYR) (FRA:8PY) (the “Company” or “PyroGenesis”) announces that the Autorit des marchs financiers (the “AMF”), the securities regulatory authority in the Province of Qubec, has issued an order suspending the private placement of units previously announced by PyroGenesis on February 14, 2023 for a period of 15 days. As such, PyroGenesis and Cormark Securities Inc. have agreed that they will not proceed with the financing. The AMF alleges in the order that PyroGenesis does not satisfy all of the requirements necessary to complete the financing under the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, namely that PyroGenesis will have available funds to meet its business objectives and liquidity requirements for a period of 12 months.
PyroGenesis expects to be able to provide sufficient evidence to address the AMF’s concerns over the next few weeks and will revisit its financing options, with Cormark Securities Inc....