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MONTREAL, Jan. 12, 2021 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://www.pyrogenesis.com) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the "Company", the “Corporation” or "PyroGenesis") that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce today that it intends to implement a normal course issuer bid ("NCIB") through the facilities of the Toronto Stock Exchange ("TSX") or alternative trading systems.
Pursuant to the NCIB, PyroGenesis may purchase, from time to time, over a period of 12 months starting January 14th, 2021 and ending January 13th, 2022, up to 5,000,000 common shares (approx. 3.14% of its common shares issued and outstanding as of January 4th, 2021). As of January 4th, 2021, there were 159,145,992 common shares of PyroGenesis issued and outstanding. On any given day, during the NCIB, PyroGenesis may only purchase up to 83,342 common shares, which is equivalent to 25% of the Average Daily Trading Volume of 333,370 calculated based on the trading volumes on the TSX from November 20th, 2020 (being the first day PyroGenesis was listed on the TSX) to December 31st, 2020.
Purchases under the NCIB may commence as of January 14th, 2021