PyroGenesis Inc. (“PyroGenesis” or “the Company”) (TSX: PYR,OTC:PYRGF) (OTCQX: PYRGF) (FRA: 8PY1), the leader in innovation for ultra-high temperature processes and engineering, and a technology provider for heavy industry and defense, provides the following comment regarding a recent online post by a current member of the Board of management of the company.
On Saturday, October 11, 2025, it came to the company’s attention that an online message from a current member of PyroGenesis’ board of directors had been posted during the night of Friday, October 10, outside of market hours. This notice contained information regarding the Company’s recently announced non-brokered private placement (the “Private Placement”). Some of this information should not have been posted and is incorrect. When the error was recognized, the message was quickly deleted. PyroGenesis requests that all versions of this since-deleted post be ignored and not redistributed.
More specifically, the message included details about the private placement that had previously been released, but it also included a sentence that “…(the company’s ongoing private placement) is oversubscribed, generating between $7.5 and $8.0 million for the company… “.
Although the Company previously announced, on October 1, 2025, its intention to conduct this non-brokered private placement, with potential financing of approximately $5 million, the private placement is currently ongoing, and neither a declaration of oversubscription nor any suggestion that the private placement has been completed can be formally or accurately stated at this time.
For clarification, the Company can state that at the time of this press release the private placement is not officially oversubscribed. We can further confirm that the first tranche of the first unit group of the private placement is expected to close in the coming week.
PyroGenesis strives for timely disclosure and takes corporate governance seriously. The Board of Directors has fully assessed this situation and corrective action has been taken.
About PyroGenesis Inc.
PyroGenesis leverages 30 years of leadership in plasma technology to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions and materials development challenges in heavy industry and defense. Customers include world 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 the 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) exchanges.
Carefully And Future-oriented 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”, “objectives”, “expects” or “does not expect”, “is expected”, “there is an opportunity”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not expect” or “believes”, or variations of such words and phrases or states that certain actions, events or results “may”, “could”, “would”, “could”, “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 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 press 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 in the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in PyroGenesis’ most recent annual information form, and in other periodic filings that the company 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 can affect PyroGenesis. However, such risk factors should be carefully considered. 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 press 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 more information please contact ir@pyrogenesis.com or visit http://www.pyrogenesis.com
#PyroGenesis #responses #online #post