PyroGenesis provides update on AMF investigation

PyroGenesis Canada “provides an update regarding the previously reported investigation by the Autorite des marches financiers, the securities regulatory authority in the Province of Quebec, being conducted in the context of applicable securities laws. As previously disclosed, the Company understands the AMF has investigated certain actions taken by the President and Chief Executive Officer of the Company, Mr. P. Peter Pascali, in connection with a settlement agreement entered into on April 30, 2018 between the Company and Phoenix Haute Technology Inc., a company controlled by the late father of Mr. Pascali, and ancillary transactions. Pursuant to the terms of the board approved settlement agreement, and as further disclosed in the annual information form of the Company for the year ended December 31, 2020, available under the Company’s profile on SEDAR+ at www.sedarplus.ca, under “Interest of Management and Others in Material Transactions – Settlement of Claim”, the Company issued $3.7 million of units comprised of common shares and warrants to Phoenix in 2018, to settle a $5.5 million claim of Phoenix with respect to the unpaid portion of the consideration payable by the Company to Phoenix for an acquisition of intellectual property rights completed in 2011.”