Holdrrrr - the AMF clearly did not allow the financingexemption 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. The AMF was not wrong, Pyro did not meet the exemption criteria.
Nor did Pyro provide sufficient evidence to address the AMF's concerns to revisit financing options with Cormark Securities Inc.
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., in the context of the market at that time. PyroGenesis had received strong investor demand under its financing, with over $10 million of orders under the financing, including the $2.5 million concurrent private placement of the CEO, and wishes to thank its investors for their support.
Resulting in completing a financing through Research Capital Corporation.
Good luck to All!