CHAR Technologies Completes Successful Private Placement
CHAR Technologies Ltd. is excited to announce the completion of a significant non-brokered private placement that showcases its commitment to advancing sustainable energy solutions. The Company has issued 16,359,451 units, collectively raising gross proceeds of CDN$3,271,890.
Details of the Offering
Each unit comprises one common share and half a warrant, which allows the purchase of additional shares at an exercise price of CDN$0.30. These warrants are valid until October 31, 2026, giving investors a valuable opportunity to participate in the company's growth.
Insider Participation
In a move reflecting confidence in CHAR Technologies’ future, insiders acquired 729,410 units during the offering. This participation qualifies as a related party transaction. Fortunately, it is exempt from formal valuation and minority shareholder approval, as the value does not surpass 25% of the Company's market capitalization.
Use of Proceeds
The funds raised will significantly contribute to general working capital and will support the development of the Thorold Project, aimed at producing biocarbon. This project showcases the company's focus on sustainable and eco-friendly energy solutions.
Finder's Fees and Warrants
CHAR Technologies will also pay aggregate finder's fees of CDN$155,100 along with 775,500 Finder's Warrants. These warrants enable the acquisition of shares at the same exercise price of CDN$0.30 until October 30, 2026.
Regulatory Approvals
The entire offering is still subject to the final approval of the TSX Venture Exchange, ensuring that all regulatory requirements are met to streamline the process.
About CHAR Technologies
CHAR Technologies is renowned for its innovative approach using high-temperature pyrolysis (HTP) technology. This process transforms unmerchantable wood and organic waste into renewable natural gas or green hydrogen alongside a carbon-neutral biocarbon. This technology not only produces valuable energy but also supports a global transition to cleaner energy solutions by minimizing waste.
Environmental Commitment
The HTP technology is pivotal in diverting waste from landfills while promoting a sustainable energy landscape. CHAR's initiatives aim to decarbonize heavy industry, aligning seamlessly with global environmental goals and initiatives.
Connect with CHAR Technologies
For further queries, reach out to:
Raquel Insa
Chief Financial Officer
CHAR Technologies Ltd.
rinsa@chartechnologies.com
Frequently Asked Questions
What is the purpose of the private placement by CHAR Technologies?
The funds from the private placement will be used for general working capital and to advance the Thorold Project aimed at biocarbon production.
How many units were issued in the private placement?
A total of 16,359,451 units were issued, which generated gross proceeds of CDN$3,271,890.
Who participated in the private placement?
Insiders of the company participated by acquiring 729,410 units, reflecting confidence in CHAR Technologies' future growth.
What are Finder's Warrants?
Finder's Warrants allow individuals who helped introduce subscribers to acquire shares at a set price of CDN$0.30 until October 30, 2026.
When does the offering need to receive approval?
The offering remains subject to final approval from the TSX Venture Exchange.
