08:33 AM EST, 12/19/2024 (MT Newswires) -- PyroGenesis ( PYRGF ) on Thursday agreed to settle a $4.94-million debt owed by HPQ Silicon ( HPQFF ) by taking share units from the company.

PyroGenesis ( PYRGF ) agreed to take 17.97-million HPQ share units in payment for the amount owed. Each unit has a deemed price of $0.275 and is made up of a share and a two-year warrant to buy a second share for $0.285.

The plasma-technologies company has partnered with HPQ to develop a fumed silica reactor, to convert quartz into a product used as a thickening agent, in cosmetics and other industrial uses. It has an option to take a 50% stake in HPQ's HPQ Silica Polvere unit.

"PyroGenesis ( PYRGF ) and HPQ continue to work together on important projects including the fumed silica reactor initiative. 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," chief executive Peter Pascali said in a release.

PyroGenesis ( PYRGF ) shares closed down $0.03 to $0.51 Wednesday on the Toronto Stock Exchange, while HPQ closed down $0.02 to $0.23 on the TSX Venture Exchange.