The company has clarified that the placement, announced on October 1, 2025, aimed for potential funding of approximately $5 million. PyroGenesis maintains that the placement is still in progress and has not yet been officially oversubscribed. The initial tranche of the first unit group is anticipated to be finalized in the coming week. The board has addressed the incident internally and has stated that corrective measures have been implemented.
Positive
- Private placement announced on October 1, 2025 with target ≈ $5 million
- First tranche of first unit group expected to complete during the upcoming week
- Board reviewed the incident and implemented corrective action
Negative
- Board member posted incorrect oversubscription claim of $7.5–$8.0 million
- Incorrect post was publicly available overnight before being deleted, indicating a governance disclosure lapse
10/12/2025 – 01:17 PM
MONTREAL, Oct. 12, 2025 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis” or “the Company”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a company specializing in advanced plasma processes and engineering solutions for heavy industry and defense, has issued a statement addressing a recent online communication from one of its board members. The statement seeks to clarify certain details concerning an ongoing private placement.
The company became aware on Saturday, October 11, 2025, that a board member had posted information online the previous evening, outside of market hours, regarding the company’s non-brokered private placement. PyroGenesis acknowledges that the post contained inaccuracies and should not have been disseminated. The post was subsequently removed.
Specifically, the post referenced the private placement, echoing previously released details, but also asserted that the placement was oversubscribed, indicating a capital influx of $7.5-$8.0 million.
PyroGenesis officially announced its intention to conduct this non-brokered private placement on October 1, 2025, with a target of approximately $5 million. The company emphasizes that the private placement remains active and that any claims of oversubscription or completion are premature and potentially misleading.
As of the date of this release, PyroGenesis confirms that the private placement has not reached oversubscription status. The company anticipates the completion of the initial tranche of the first unit group associated with the private placement within the coming week.
PyroGenesis underscores its dedication to timely disclosure and strong corporate governance practices. The board of directors has conducted a thorough review of the situation and has taken appropriate corrective action. This incident serves as a crucial reminder of the need for stringent adherence to disclosure protocols, particularly in the context of capital-raising activities. Market participants are keenly sensitive to such information, and any miscommunication can significantly impact investor confidence. The company’s swift response aims to mitigate any potential fallout and reinforce its commitment to transparency.
Beyond addressing the immediate issue, PyroGenesis must now reinforce its internal communication channels and training programs for its board members and key personnel involved in investor relations. This situation underscores the importance of clear, consistent messaging, especially when discussing sensitive financial information with the public.
About PyroGenesis Inc.
PyroGenesis leverages 30 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges
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 contact or visit http://www.pyrogenesis.com
FAQ
What did PyroGenesis (PYRGF) clarify about the October 10, 2025 online post?
The company said the post contained incorrect oversubscription details and asked that deleted versions be disregarded.
Is PyroGenesis’s non-brokered private placement for PYRGF officially oversubscribed on October 12, 2025?
No; the company stated the private placement is ongoing and is not officially oversubscribed at this time.
How much funding did PyroGenesis (PYRGF) indicate as the potential size of the private placement?
The company previously announced a potential funding amount of approximately $5 million.
When does PyroGenesis expect to complete the first tranche of the private placement for PYRGF?
The company expects the first tranche of the first unit group to be completed during the upcoming week from October 12, 2025.
What corrective steps did PyroGenesis report after the incorrect PYRGF post?
The board reviewed the situation in full and said corrective action has been taken.
Should investors rely on the deleted online post about PYRGF’s private placement?
No; PyroGenesis asked that any versions of the since-deleted post be disregarded and not disseminated further.
