PyroGenesis Inc T.PYR

Sigmund Freud called in Motivated Forgetting

[tamaracktop]

It's a defense mechanism, of sorts.

People forget the bad things faster than they forget the good things.

Just over a year ago, this headline, and an excerpt from the text that followed:

PyroGenesis Announces Withdrawal of Financing

T.PYR | February 23, 2023

 (the “AMF”), the securities regulatory authority in the Province of Qubec, ........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."



2 weeks later, Pyrogenesis followed up with this news, much to the surprise of everyone:

PyroGenesis Announces Closing of $5 Million Non-Brokered Private Placement

T.PYR | March 8, 2023

"...., announces today that it has completed a non-brokered private placement consisting of the issuance and sale of 5,000,000 units of the Company (the “Units”) at a price of $1.00 per Unit, for gross proceeds of $5,000,000 to the Company (the “Private Placement”). P. Peter Pascali, the President and CEO of PyroGenesis, subscribed to 2,500,000 Units under the Private Placement. In connection with the Private Placement, Research Capital Corporation acted as financial advisor to the Company."



Pyrogenesis hadn't even announced that they were doing an issue, they announced they'd already done it.

Pyrogenesis made the announcement that the smaller financing had been completed 13 days AFTER THE FIRST ISSUE WAS SUSPENDED FOR 15 DAYS.

They did it while they were suspended from financing.

They did it with Research Capital, not Cormark, who they'd indicated they'd be working with in the release two weeks earlier.

They left the AMF flat-footed.

The AMF didn't even know they were doing that issue, they would have dissalowed it.

The AMF could hardly forbid that issue, or cancel it, it was already done.

The couldn't have been happy about that.

Pyrogenesis certainly didn't consult the AMF before doing that much smaller issue, and it's extremely likely they didn't consult the AMF about this HPQ transaction beforehand either.

You can be certain the AMF is looking at this latest maneuvre closely.

The CEO buying shares of HPQ from his own company to put money in its coffers, immediately AFTER his company has sold 16-20 million shares?

At a three-year low for HPQ?

Doesn't sound like a pleasant scenario for the existing shareholders of HPQ does it?

Maybe could even be viewed as manipulation on a grander scale than any of us could ever accomplish?

This is a highly questionable transaction.

The fact that Pyrogenesis didn't have the time to parse out 3.7 million shares of HPQ in the market, but needed them sold right away, speaks to just how desparate for cash the company is.

Pascali isn't trying to buy this as an investment, he's trying to send his company a lifeline by buying an asset from his company he can then turn around and sell.

In no particular hurry.

He's probably buying the hpq shares with funds he raised selling PYR.

Or maybe he's saved up some of his $450,000 annual salary.

If this transaction is dissallowed, after the AMF has had a chance to look at it for the very first time, Pyrogenesis will have an extremely serious liquidity problem.

Yoiu better hope for the best and hope hard.

The AMF has a better memory than you do.