PyroGenesis Canada Inc announced a non-brokered private placement of a 3% convertible loan for the gross proceeds of CAD 1,250,000 and 625,000 Common Share warrants at a purchase price of CAD 0.4098 per share for the gross proceeds of CAD 256,125; aggregate gross proceeds of CAD 1,506,125 on December 20, 2023. The transaction included participation from new investor Fiducie de Crédit Mellon Trust. The Loan, bearing an interest rate of 3% per annum, will be paid quarterly in arrears and will mature eighteen months following the Effective Date.

During this period, the Lender may convert, in whole or in part, the principal amount of the loan into common shares at the conversion price equal to CAD 0.4918 and subject to the approval of the TSX, any accrued interest into Common Shares at a conversion price equal to the higher of the Current Market Price for the period immediately preceding the date of payment of the accrued interest and Conversion Price. As part of the Loan, the company also granted to the Lender share purchase warrants to subscribe for up to 625,000 Common Shares at a purchase price of CAD 0.4098 per share. The Warrants expire eighteen months following the Effective Date.

The Warrants will be subject to a hold period of four months and one day from the date hereof in accordance with applicable securities laws.