PyroGenesis Canada Inc, which developed metal powder for 3D printing, plans to purchase, over a period of 12 months, up to 5,000,000 (approx. 5%) of its common shares issued and outstanding.
As of date hereof, there are 101,858,434 Shares of PyroGenesis issued and outstanding.
‘The company's board of directors believe that the market price of the company's shares does not reflect the underlying value of the company, including its growth opportunities, and that the proposed purchasing of its shares is in the best interests of the company and represents an appropriate use of corporate funds,’ Pyrogenesis said in a press release.
‘At these price levels, we find the value of our shares to be an attractive investment and, as such, a good use of funds, particularly given our recent flurry of press releases which describe, amongst other things, that the company has signed over US$11.5 million of contracts since June 30th, 2016; that we are on schedule to produce powders for 3D printing in Q1 2017; and that we have received successful results from both the PUREVAP system and the commercialization of our DROSRITE System,’ said P. Peter Pascal, president and CEO of PyroGenesis. ‘Our share volume has increased nicely to over 100,000 shares trading per day; however the share price has not fully reflected this recent news. It is inconceivable that PyroGenesis at September would have the same market value as it does today and, as such, we feel it is an opportune time to buy PyroGenesis shares.’
This story is reprinted from material from Pyrogenesis, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.