PyroGenesis Inc. (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1) completed a non-brokered private placement that raised $1,973,450 in gross proceeds, the Montreal-based plasma technology company announced March 26.

The offering sold 3,654,537 units at $0.54 per unit, exceeding the original target of approximately $1,000,000. Each unit consists of one common share and one-half of a warrant to purchase additional shares at $0.70 within 36 months of closing.

Company President and CEO P. Peter Pascali participated in the placement with a $400,000 investment, representing the maximum amount permitted for insiders under regulatory guidelines.

The warrants include an acceleration provision allowing PyroGenesis to shorten the expiry period to 30 days if the company's TSX share price exceeds $0.90 on two of any five consecutive trading days. The company must provide notice within 15 days of such occurrence.

All securities issued are subject to a statutory hold period of four months and one day from the closing date. The transaction received conditional approval from the TSX and remains subject to final exchange approval and customary closing conditions.

PyroGenesis stated it will use the net proceeds for working capital and general corporate purposes. The company provides plasma-based technology solutions to heavy industry and defense sectors, serving clients in aluminum, aerospace, steel, and other industries from its Montreal headquarters.