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CHAR Technologies Closes $ 4.89 million Private Placement, Canadian Business Journal

Cannot be distributed to US news agencies Or for widespread use in the United States

Toronto, March 18, 2022 (GLOBE NEWSWIRE) — CHAR Technologies Ltd. (“CHAR Technologies” or “Company”) (TSX Venture Exchange: YES) was first announced in a news release on February 9, 2022 (“Offering”). In response to investor demand, our offering size has increased from $ 3,000,000 to $ 4,605,000, as announced on March 8th.thIncreased to $ 4,894,881 as announced in the 2022 news release and also in the March 16, 2022 news release.

In connection with the termination of the offering, we issued a total of 10,877,514 units (“Units”) at a price of $ 0.45 per unit for a total revenue of $ 4,894,881. Each unit consists of one share of common stock in our capital (“stock”) and half of the non-transferable common stock purchase warrant (each common stock purchase warrant, “warrant”). Each warrant can be exercised to acquire one share at an exercise price of $ 0.60 per share until September 17.th2023, 18 months from the date of issue.

Andrew White, CHAR’s Chief Executive Officer, said: “We are very pleased with this funding interest and look forward to working on projects in California, Ontario and Quebec. This funding will give us additional opportunities in North America for renewable energy. It also increases the ability to evaluate and deliver solutions. With the growing interest in reliable clean energy, CHAR has become a global leader and is well-positioned to develop a decarbonized circular economy. . “

Our insiders have acquired a total of 700,005 units in the offering. This participation constitutes a “related party transaction” as defined in the Protection of Minority Securities Holders in Special Transactions (“MI61-101”). Such participation is a formal valuation of MI61-101 and minority shareholders, as neither the fair market value of units acquired by insiders nor the consideration for units paid by such insiders exceeds 25% of our market. Exempt from the approval requirements of. Capitalization. As required by MI 61-101, we need to complete the offering quickly and the situation.

CHAR Technologies will use the net revenue of the offering to advance the development of both contracted and early stage projects to meet general working capital needs.

We will pay a total of $ 159,962.72 and a 355,472 share purchase warrant (“Finder Warrant”) in connection with the subscription from the subscriber that Leede Jones Gable Inc. introduced the offering. Warrants in each finder can be exercised to acquire one share of capital. Our company at an exercise price of $ 0.60 per share through September 17th2023, 18 months from the date of issue.

Offerings are subject to final approval from the TSX Venture Exchange.

Securities issued under the Offering and shares that may be issued by exercising such securities are subject to a statutory holding period that expires four months and one day from the date of issue of such securities. ..

The Board of Directors has approved the granting of 1,819,076 stock options to CHAR’s employees, directors and officers. These stock options can be exercised on CHAR common stock at a price of $ 0.45 per common stock, in accordance with Policy 4.4 and TSX rules. Venture exchange and CHAR omnibus long-term incentive plan. The option lasts 5 years and expires on March 17th.th, 2027. CHAR also announced that the Board of Directors has approved the grant of 198,948 Restricted Stock Units (“RSU”). Omnibus long-term incentive plan for TSX Venture Exchange and Corporation. The RSU period is 5 years and will expire on March 17th.th2027.

About CHAR Technologies

CHAR Technologies Ltd. is a clean tech development and service company specializing in pyrolysis and biocarbon development of organic waste, custom equipment for industrial air and water treatment, environmental management, field survey and restoration, engineering, We provide environmental compliance and resource efficiency services.

Neither the TSX Venture Exchange nor its regulatory service provider (this term is defined in the TSX Venture Exchange policy) is responsible for the validity of this news release.

This news release does not constitute an offer to sell or buy securities in the United States. Securities have not been and will not be registered under the Securities Act of 1933 (“US Securities Act”) or the State Securities Act. It may not be offered or sold in the United States or to Americans. Unless registered under US securities law and applicable state securities law or an exemption from such registration is available.

Description of future prospects

The statement contained in this press release contains “forward-looking information” in the sense of Canadian securities law (“Information on the outlook”.Description of future prospects”) About CHAR, business and operations. Expressions such as “may”, “do”, “do”, “intention”, “expect”, and “expect” are related to CHAR and identify information about the future outlook. Is aimed at. Such statements reflect CHAR’s current views and intentions regarding future events, as well as current information available to CHAR, and are risk factors discussed or referenced in CHAR’s disclosure documents filed with the Securities. Subject to certain risks, uncertainties, and assumptions, including. Regulatory authorities in certain Canadian states, available under the CHAR profile, dated 31 January 2022. www.sedar.com.. This notice explicitly qualifies all such forward-looking information. In addition, CHAR is not responsible for the accuracy or completeness of such forward-looking information. Forward-looking information contained in this press release was produced as of the date of this press release, and CHAR may publicly update or update forward-looking information, except as required by applicable law. We shall not be obliged to revise it.


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CHAR Technologies Closes $ 4.89 million Private Placement, Canadian Business Journal

Source link CHAR Technologies Closes $ 4.89 million Private Placement, Canadian Business Journal

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