07:17 AM EDT, 10/16/2025 (MT Newswires) -- PyroGenesis ( PYRGF ) , a player in innovating for ultra-high temperature processes and engineering, and a technology provider to heavy industry & defense, announced Thursday that it has completed the first tranche of the First Unit Group in previously announced non-brokered private placement by issuing and selling an aggregate of 5,555,556 units at a price of $0.63 per Unit, for gross proceeds of near $3.5 million.

A statement noted that P. Peter Pascali, the President and CEO of PyroGenesis ( PYRGF ), directly subscribed for the entire first tranche, representing an investment of approximately $3.5 million, through the acquisition of 5,555,556 Units at a price of $0.63 per Unit.

The first tranche of the Second Unit Group is expected to close next week. It involves the issuance and sale of 4 million units at a price of $0.20 per unit, for approximate gross proceeds of $800,000. Each warrant under this group entitles the holder to purchase one common share at a price of $0.40 for a period of 24 months following the closing date.

PyroGenesis ( PYRGF ) intends to use the proceeds of the Private Placement for working capital and general corporate purposes. It said the Private Placement has been conditionally approved by the TSX, but remains subject to the TSX's final approval, as well as other customary closing conditions.

Shares in PYR edged up in Canada trade yesterday.