MONTREAL, Oct. 04, 2023 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (NASDAQ: PYR) (TSX: PYR) (FRA: 8PY), a high-tech Company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce today that it has received acceptance from the Toronto Stock Exchange (“TSX”) of its Notice of Intention to implement a Normal Course Issuer Bid (“NCIB”).

Pursuant to the NCIB, PyroGenesis may purchase, from time to time, over a period of 12 months starting October 6, 2023, and ending October 5, 2024, up to 7,500,000 common shares (approx. 4,2% of its common shares issued and outstanding as of September 26, 2023). As of September 26, 2023, there were 178,880,395 common shares of PyroGenesis issued and outstanding. On any given day, during the NCIB, PyroGenesis may only purchase up to 23,234 common shares, which is equivalent to 25% of the Average Daily Trading Volume of 92,938 calculated based on the trading volumes on the TSX from April 1, 2023, to September 30, 2023.

Purchases under the NCIB may commence as of October 6, 2023, and will end on the earlier of: (i) October 5, 2024; or (ii) the date on which the Company has purchased the maximum number of common shares to be acquired under the NCIB. All purchases made by the Company will be through Pollitt & Co. Inc. acting on behalf of the Company. The purchases will be made in accordance with the rules of the TSX, through the facilities of the TSX or through alternative Canadian trading systems. The actual number of common shares which will be purchased, and the timing of such purchases, will be determined by the Company, and the price which the Company will pay for the common shares will be the market price at the time of the purchase. The common shares purchased under the NCIB will be cancelled.

The Company's Board of Directors believes that the market price of the Company's common shares may from time to time not reflect the underlying value of the Company, specifically its growth opportunities, and that the proposed purchasing of its common shares is in the best interests of the Company and represents an appropriate use of corporate funds. It is expected that any purchases made by the Company could also enhance value and liquidity for its shareholders.

Of note, the NCIB announced above is further to a previous NCIB that the Company had implemented. Under the previous NCIB, which had started on February 15, 2022, and ended on February 14, 2023, up to 7,500,000 common shares were approved for purchase. No purchases were made under the previous NCIB as management ultimately took the view that it was more appropriate to allocate corporate funds to other company priorities.

About PyroGenesis Canada Inc

PyroGenesis Canada Inc., a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional “dirty” processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization.  The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. For more information, please visit: www.pyrogenesis.com.