CHAR Technologies Increases Its Private Placement Offering
CHAR Technologies (TSXV: YES), a key player in sustainable energy innovations, has recently made a significant announcement regarding its private placement. Initially set at C$2.5 million, the company has decided to respond to the strong interest from investors by raising the total offering to C$3,335,000.
Details of the Offering
The company plans to add up to 4,175,000 units at a pricing of CDN$0.20 per unit, allowing for additional gross proceeds of approximately C$835,000. This adjustment will lead to a total of 16,675,000 units being offered.
Breakdown of Each Unit
Each unit in this private placement will consist of one common share and one-half of a share purchase warrant. These warrants will enable investors to purchase additional shares for a period of twenty-four months post-closing at a price of C$0.30 per share.
Participant Overview
The offering is anticipated to be primarily supported by existing shareholders, as well as current and former directors, executives, business partners, and employees of the company.
Related Party Transactions
Participation from insiders will be considered a related party transaction as per Multilateral Instrument 61-101 guidelines. However, it's expected that this participation will be exempt from formal evaluations and minority shareholder approvals since the investment value will not surpass 25% of the company's market cap.
Usage of Proceeds
The funds raised through this private placement will be allocated for general working capital, with a substantial portion aimed at advancing the Thorold Project toward biocarbon production.
Statutory Hold Period
Investors should note that the securities issued in this offering will be subject to a statutory hold period lasting four months and one day from the date of issuance.
Finder's Fees and Closing Date
CHAR Technologies may also pay finder's fees on a portion of the offerings in line with TSX Venture Exchange requirements and relevant securities regulations. The anticipated closing date for this offering is now set for October 30, 2024, subject to necessary approvals.
About CHAR Technologies
CHAR Technologies stands out with its first-in-kind high-temperature pyrolysis (HTP) technology that converts unmerchantable wood and organic waste into renewable energy. This innovative process simultaneously generates renewable natural gas or green hydrogen and produces a solid biocarbon that serves as a carbon-neutral substitute for metallurgical coal used in steelmaking.
Environmental Commitment
CHAR Technologies’ commitment to addressing waste management and generating clean energy exemplifies a strong alignment with the global transition to green energy solutions. This not only interrupts the cycle of landfill waste but also contributes to decarbonizing heavy industries by providing sustainable energy alternatives.
Contact Information
For more details regarding this offering, individuals may reach out to the following:
Andrew White
Chief Executive Officer
CHAR Technologies Ltd.
Email: andrew.white@chartechnologies.com
Phone: 866 521-3654
Galen Cranston
Director of Stakeholder Relations
CHAR Technologies Ltd.
Email: gcranston@chartechnologies.com
Phone: 647-546-5633
Website: www.chartechnologies.com
Frequently Asked Questions
What is the total amount CHAR Technologies intends to raise?
CHAR Technologies aims to raise a total of C$3,335,000 through its private placement offering.
Who are the primary participants in this private placement?
The primary participants include existing shareholders, along with current and former directors, executives, and employees of CHAR Technologies.
What is included in each unit of the private placement?
Each unit consists of one common share and one-half share purchase warrant.
How will the funds from this placement be utilized?
The proceeds will be used for general working capital and advancing the Thorold Project to biocarbon production.
When is the expected closing date for the offering?
The closing date for the private placement is expected to be October 30, 2024, subject to necessary approvals.
