Dear DHOD,

How are you doing?  Good to see you back.

PyroGenesis went public via an RTO in 2011 on the back of a concurrent ~ $ 7MM private placement with almost 100% institutions (I participated in the order of $2MM) at 80 cents/share.

However, I would be cautious in interpreting anything from the all-time high which, by the way, was posted on the first day we went public.  Allow me to share a cute story with you explaining why:

As we were gearing up to go public my 10-year-old son took a keen interest in what his Dad was doing, so I turned it into a learning event via the classic cool-aid stand example; I explained revenues, expenses and funding a second cool-aid stand using shares etc. etc. to in effect mirror what I was doing. To make a long story short, on the morning PyroGenesis was to go public he is the back seat of the car, going to school, and he asks my ex-wife who was driving him, “wouldn’t it be nice to buy some shares in Dad’s company” … and she agreed. Low and behold, not knowing what price to put she placed the order at market, and it got filled, as the first order, immediately at open at some astronomical level above 80 cents.  I think it was for around 20,000 shares.

As an aside, and as one might suspect, I immediately received a call from IIROQ (Securities Regulators), moments after our stock opens, inquiring about this very strange trade which, as you can imagine, took me totally by surprise.  Once I figured it out, I got back to them and I do think they got a good chuckle out of it. 

However, it still remains that my 10 y/o son “purchased” through his Mom, the first shares ever of PyroGenesis, at open, at the highest price to date.  Albeit only 20,000 shares, I think you will be happy to hear that it is my personal goal to make sure that he makes a significant annualized return on his first stock pick.

What more can a Dad do for an investor who not only invested his entire net worth into the stock (lol), but is arguably the longest and most patient holder.

Hope that helps,

Peter