06:37 AM EDT, 04/11/2024 (MT Newswires) -- PyroGenesis Canada Inc. ( PYRGF ) , which makes plasma processes geared to reducing greenhouse gases, and saw its shares jump more than 7% yesterday, overnight Wednesday announced a block sale of about 3.8 million HPQ Silicon Inc. ( HPQFF ) shares to PyroGenesis CEO and President P. Peter Pascali for $661,447.50.

Pascali will pay $0.175 per HPQ share, PyroGenesis said. HPQ closed down 2.9% on Wednesday at $0.17.

The PyroGenesis board unanimously approved the sale, which will close immediately after receiving the eventual approval of TSX, with Pascali abstaining.

"This sale will bring PyroGenesis an influx of cash on favorable terms," said PyroGenesis CFO Andre Mainella.

PyroGenesis and HPQ have several long-term collaborations, including the Fumed Silica Reactor project and the PUREVAP Quartz Reduction Reactor project. PyroGenesis is the exclusive supplier of the technology for both projects.