PyroGenesis Inc. (TSX: PYR) announced that its non-brokered private placement has been oversubscribed and the company will not accept further participation requests. The plasma technology company expects to close the offering within ten days, subject to regulatory approval.

The private placement was originally structured to raise up to $1 million through the sale of up to 1,851,852 units at $0.54 per unit. The company estimates final subscription amounts will be between $1.7 million and $1.9 million, representing between 3,148,148 and 3,518,518 units.

Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase one common share at $0.70 for 36 months following the closing date. The company retains the right to accelerate the warrant expiry date if its common shares close above $0.90 on the TSX for two of any five consecutive trading days.

PyroGenesis President and CEO P. Peter Pascali will subscribe for up to $400,000, representing the maximum amount that insiders as a group are permitted to participate under regulatory limits.

The securities issued will be subject to a statutory hold period of four months and one day from closing. PyroGenesis intends to use net proceeds for working capital and general corporate purposes.

The offering remains subject to TSX final approval and other customary closing conditions.