CHAR Technologies Completes Full Subscription of Private Placement
CHAR Technologies Ltd. (“CHAR Tech” or the “Company”) (TSXV:YES), a frontrunner in sustainable energy solutions, recently announced the closure of its non-brokered private placement. This offering involved 5,000,000 units available at a price of $0.20 CAD per unit, totaling gross proceeds of $1 million CAD.
Details of the Offering
The private placement has achieved full subscription, indicating robust interest from institutional investors. The closing is anticipated to take place shortly after mid-month, subject to standard closing conditions and necessary approvals, including those from the TSX Venture Exchange (“TSXV”).
Structure of the Offering
Each unit in the offering includes one common share of the Company and one warrant. The warrant allows the holder to purchase an additional common share at a price of $0.30 CAD for a period of two years following the offering's closing date. To recognize contributions from finders, the Company may allocate commissions of up to 6% of the offering's total proceeds based on TSXV policies and relevant securities regulations.
Utility of the Proceeds
The funds raised from this offering will primarily bolster general working capital. This includes advancing the Company’s current project pipeline and enhancing capital advisory and investor relations services. CHAR Technologies aims to utilize these resources efficiently to propel its array of sustainable projects forward.
Compliance with Regulations
The offering complies with regulatory frameworks, making it accessible to international investors through exemptions from certain prospectus requirements. Units sold under this offering will not face resale restrictions as per OSC Rule 72-503. Notably, this offering is not classified as a Related Party Transaction and therefore adheres to necessary TSXV regulations.
About CHAR Technologies
CHAR Technologies is distinguished by its innovative high temperature pyrolysis (HTP) technology, transforming unmerchantable wood and organic waste into renewable energy forms, such as renewable natural gas (RNG) or green hydrogen. Additionally, it produces a solid biocarbon that serves as a carbon-neutral alternative for coal in metallurgical steel production. This cutting-edge process embodies a sustainable solution, effectively addressing waste management while contributing to the global green energy movement.
Contact Information
For further inquiries, contact:
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 purpose of the private placement?
The proceeds will support working capital and advance ongoing project developments.
How many units were offered in the placement?
A total of 5,000,000 units were offered at a price of $0.20 CAD each.
What advantages does the warrant offer?
The warrant allows the purchase of additional shares at $0.30 CAD for two years, providing an investment opportunity.
Who are the key contacts for CHAR Technologies?
The CEO Andrew White and Director of Stakeholder Relations Galen Cranston are the primary contacts available for inquiries.
How does CHAR Technologies support sustainability?
CHAR Tech focuses on transforming waste into renewable energy, aligning with the global green energy transition initiatives.
