PyroGenesis Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX:
PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company that designs,
develops, manufactures and commercializes advanced plasma processes
and sustainable solutions, which are geared to reduce greenhouse
gases (GHG) and address environmental pollutants, announced today
an agreement with HPQ Silicon Inc. (“HPQ”) to resolve an
outstanding liability of $4,941,440 owed to PyroGenesis, using a
debt-to-equity conversion.
Under the agreement, the outstanding liability
will be converted into 17,968,873 units at a price of $0.275 per
unit. Each unit will be comprised of one common share of HPQ and
one common share price warrant. Each warrant will entitle
PyroGenesis to acquire one common share of HPQ at a price of $0.285
until the date that is two years following the effective date of
this transaction.
Upon issuance of the units to PyroGenesis, the
outstanding liability shall be deemed fully satisfied.
The shares and warrants are subject to a hold
period of four (4) months and one (1) day from the date of the
issuance, as required under National Instrument 45-102 – Resales of
Securities and applicable TSX Venture Exchange policies.
This agreement is subject to standard regulatory
approvals including the approval of the TSX Venture Exchange.
PyroGenesis engages with HPQ on a variety of
initiatives, and previously announced an intent to exercise its
option to purchase 50% of HPQ’s ownership stake in HPQ Silica
Polvere Inc., a wholly-owned subsidiary of HPQ. HPQ Polvere’s
primary initiative is the Fumed Silica Reactor (FSR) project, for
which PyroGenesis has been designing, engineering, and constructing
a proprietary technology to convert quartz (SiO2) into fumed silica
(also known as pyrogenic silica) in a single and eco-friendly step
while eliminating the use of harmful chemicals generated by
conventional methods. The FSR, if successful, could provide a
groundbreaking contribution to the repatriation of fumed silica
production to North America.
“PyroGenesis and HPQ continue to work together
on important projects including the fumed silica reactor
initiative,” said P. Peter Pascali, President and CEO of
PyroGenesis. “With the first series of process material tests
commencing in January 2025, we are excited by what the future holds
for the FSR technology and for what we believe will transform fumed
silica manufacturing for the better.”
PyroGenesis’ involvement in developing fumed
silica from quartz is part of its three-tiered solution
ecosystem that aligns with economic drivers that are key to
global heavy industry. Fumed silica production is part of
PyroGenesis’ Commodity Security & Optimization
tier, where the recovery of viable metals and the optimization of
production to increase output helps to maximize raw materials and
improve the availability of critical minerals. The other tiers are
Energy Transition and Emission Reduction, and
Waste Remediation.
About PyroGenesis Inc.
PyroGenesis, a high-tech company, is a proud
leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases (GHG) and are economically
attractive alternatives to conventional “dirty” processes.
PyroGenesis has created proprietary, patented and advanced plasma
technologies that are being vetted and adopted by multiple
multibillion dollar industry leaders in four massive markets: iron
ore pelletization, aluminum, waste management, and additive
manufacturing. With a team of experienced engineers, scientists and
technicians working out of its Montreal office, and its 3,800 m2
and 2,940 m2 manufacturing facilities, PyroGenesis maintains its
competitive advantage by remaining at the forefront of technology
development and commercialization. The operations are ISO 9001:2015
and AS9100D certified, having been ISO certified since 1997.
PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX:
PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock
Exchange in Germany (FRA: 8PY).
About HPQ Silicon
HPQ Silicon Inc. (TSX-V: HPQ) is a Quebec-based
TSX Venture Exchange Tier 1 Industrial Issuer.
HPQ is developing, with the support of
world-class technology partners PyroGenesis Inc. and NOVACIUM SAS,
new green processes crucial to make the critical materials needed
to reach net zero emissions.
HPQ activities are centred around the following
four (4) pillars:
-
Becoming a green low-cost (Capex and Opex) manufacturer of Fumed
Silica using the FUMED SILICA REACTOR, a
proprietary technology owned by HPQ being developed for HPQ by
PyroGenesis.
-
Becoming a zero CO2 low-cost (Capex and Opex) producer of High
Purity Silicon (2N+ to 4N) using our
PUREVAPTM “Quartz
Reduction Reactors” (QRR), a proprietary technology owned
by HPQ being developed for HPQ by PyroGenesis.
-
Becoming a producer of silicon-based anode materials for battery
applications with the assistance of NOVACIUM SAS.
-
HPQ SILICON affiliate NOVACIUM SAS is developing a low carbon,
chemical base on demand and high-pressure autonomous hydrogen
production system.
For more information, please visit HPQ Silicon
web site.
Cautionary and Forward-Looking
Statements
This press release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. In some cases, but not necessarily in all cases,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects”
or “does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or
“does not anticipate” or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “will be taken”, “occur” or
“be achieved”. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management’s current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable by PyroGenesis as of the date of this
release, are subject to inherent uncertainties, risks and changes
in circumstances that may differ materially from those contemplated
by the forward-looking statements. Important factors that could
cause actual results to differ, possibly materially, from those
indicated by the forward-looking statements include, but are not
limited to, the risk factors identified under “Risk Factors” in
PyroGenesis’ latest annual information form, and in other periodic
filings that it has made and may make in the future with the
securities commissions or similar regulatory authorities, all of
which are available under PyroGenesis’ profile on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect PyroGenesis.
However, such risk factors should be considered carefully. There
can be no assurance that such estimates and assumptions will prove
to be correct. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
release. PyroGenesis undertakes no obligation to publicly update or
revise any forward-looking statement, except as required by
applicable securities laws.
Neither the Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the OTCQX Best Market
accepts responsibility for the adequacy or accuracy of this press
release.
For further information, please contact:Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDE-mail:
ir@pyrogenesis.com http://www.pyrogenesis.com
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