PyroGenesis Announces Q2 2016 Results - Seite 4

On July 26, 2016, the Company amended the terms of certain common share purchase warrants (the "Warrants") issued by the Company in connection with a private placement completed on November 26, 2014. In connection with this amendment, the exercise price of the Warrants was reduced from $0.55 to $0.26 and in accordance with the policies of the TSXV, the Warrants are subject to an accelerated expiry provision such that the exercise period of the Warrants will be reduced to thirty days if, for any ten consecutive trading days during the unexpired term of the Warrants (the "Premium Trading Days"), the closing price of the Company's common shares is $0.325 or more, with the 30-days expiry period to begin no more than seven calendar days after the 10^th Premium Trading Day. The expiry date of the Warrants remains November 26, 2016. The Warrant amendment was approved by the TSXV on August 8, 2016

On July 26, 2016, the Company completed a private placement offering whereby the Company issued and sold an aggregate amount of 6,131,579 units of the Company (a "Unit") at a price of $0.19 per Unit for gross proceeds to the Company of $1,165,000(the "Private Placement"). Each Unit consists of one common share of the Company and one half of one common share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to purchase one common share at a price of $0.35 until January 26, 2018. Each Unit is subject to a statutory hold period of four months and one day from the date of closing. In connection with the Private Placement, the Company paid finder fees in the amount of $15,960.

On August 2, 2016, the Company signed a contract for $8,260,000 with HPQ Silicon Resources Inc., formally Uragold Bay Resources Inc., to provide a 200 metric tonne per year PUREVAP™ pilot system (the "Pilot System") to produce silicon metal directly from quartz (the "Contract"). The Contract is for the design, fabrication, assembly, commissioning and testing of the Pilot System and is expected to be completed in the next eighteen (18) months, with a final testing period expected to last ten (10) months. The Client will acquire the intellectual property rights to the PUREVAP™ process developed by PyroGenesis as it relates exclusively to the production of silicon metal from quartz. PyroGenesis will retain a royalty-free, exclusive, irrevocable, worldwide license to use the System for all other purposes, other than the production of silicon metal from quartz.