Pyrogenesis Canada Inc T.PYR

Could be worse. You could own Vicinity.

[tamaracktop]

Electric vehicle stock Vicinity Motor (TSXV:VMC) has fallen by approximately 50 per cent after receiving letters from Royal Bank of Canada and Export Development Canada (EDC) demanding full payment of outstanding debt under their respective credit facilities.

Royal Bank expects payment of US$19,202,242 plus C$45,251 by Aug. 19, 2024 – though Vicinity’s books recorded the larger total as US$16,241,641 – while EDC has demanded immediate payment of US$8,625,000 plus interest of US$54,231. Both institutions chose to not renew the facilities, which were set to roll over the debt on July 16.

As interest, costs, fees and expenses under the credit facilities continue to accrue, Vicinity is also facing the harsh reality that its US$77.8 million in assets as of March 31 will be at risk, should it fail to repay it debt. Its lenders have already provided notice of their intention to gain ownership of what they can under the Bankruptcy and Insolvency Act (Canada), leaving the company to engage with them “to carry on in some form in the future,” as Friday’s news release ominously states.

[TOCKY8008]

Tku Tamaracktop, Here is a reason why PPP is doing  "financing without doing a financing" as you said in an earlier post today. He keeps control over his CIE. TOCKY8008

[BCONTVentures]

Also note that PyroGenesis has no "callable" debt.  And keep in mind that Peter has been with PyroGenesis since 1991 and will continue to fund PYR as necessary.  PyroGenesis' President and CEO has significant "skin in the game" (Peter owns close to half of the outstanding shares in PYR).  The recent private placement (PP) had Peter and numerous company

[tamaracktop]

It's very coincidental.  Part of the reason I mentioned it. Vicinity hit It's all-time high at $13.77 on January 21st, 2021, exactly three weeks before PyroGenesis hit iits own at $12.15. Vicinity closed down 63% on Friday.  Down 26 1/2 cents from $.42 to $.155, on 4.6 million shares traded on Friday.  Down from its high at $13.77. It was never too big to fail. The

[tamaracktop]

If anyone is going to point out that PyroGenesis has very little debt, think twice. A year ago it had no debt. Today it has debt. It has a convertible debenture outstanding, mostly owned by P Pascali, as well as a short-term callable loan to the Company that pays 10% to P Pascali. 

[tamaracktop]

Go around to the banks and ask if they have a one-year redeemable GIC that pays 10%. Then time how long it takes for them to stop laughing. 

[TOCKY8008]

BCONT specified "callable" debt. As you said it's convertible debenture.He shall convert. Did you forget the  december 2023 convertible loan from Mellon @ 3% interest. That's good right? Not too greedy ? He shall convert that too and then put them in the market. Oh well, it keeps the wheels turning. TOCKY8008

[BCONTVentures]

And remember that the Investor Group (who is in the process of buying Radian Oil and Gas) took part in the recent private placement (PP) for $500,000 (625,000 shares and 625,000 warrants).

[tamaracktop]

"And remember that the Investor Group (who is in the process of buying Radian Oil and Gas) took part in the recent private placement (PP) for $500,000 (625,000 shares and 625,000" And what group is that? Who comprises this "group"? And how much are they bidding for Radian? . Isn't their offer less than Radian owes Drosrite? These are rhetorical questions. 

[Pandora]

So they put out bad news on a Friday and the bottom falls out. Hopefully VMC will, at the least, put out some kind of defensive news tomorrow a.m. or we will likely see the rest go down the drain. And to think I owned this once before when it was called GrandeWest and it did  a similar stunt. I bailed at that time at a somewhat small loss and being a little stupid I got back in when they