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CHAR Technologies has announced an additional $ 4.89 million in private placements, Canadian Business Journal

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Toronto, March 16, 2022 (GLOBE NEWSWIRE) — CHAR Technologies Ltd. (“CHAR Technologies” or “Company”) (TSX Venture Exchange: YES) is the size of the $ 3,000,000 non-mediated private placement (“offer”) announced on February 9, 2022 in response to investor demand. The final total size will be up to $ 4,894,881.

As announced in our March 8, 2022 news release, the size of the offering initially increased from $ 3,000,000 to $ 4,605,000. We are currently planning a further increase of up to 644,181 units at an offer price of $ 0.45 per unit for an additional total revenue of up to $ 289,881. The total offering will be up to 10,877,514 units at a price of $ 0.45 per unit for a total revenue of up to $ 4,894,881. Other terms of the offering will not change.

Each unit consists of one share of our common stock (“stock”) and half of our stock purchase warrant (“warrant”). Each warrant gives holders the right to acquire one share at a price of $ 0.60 for 18 months after the end of the offering.

The majority of offerings are expected to be sourced from existing shareholders and current and former directors, executive officers, business associates and employees, some of whom are insiders of the Company. Insider participation in offerings constitutes a “related party transaction” as defined in the Protection of Minority Securities Holders (“MI61-101”) in Multilateral Commodity 61-101 Special Transactions. However, we are exempt from such participation due to the formal evaluation of MI 61-101 and the approval requirements of minority shareholders, neither the fair market value of the units that the insider has joined nor the consideration for the units paid by such insiders. I hope it will be done. It will exceed 25% of our market capitalization.

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.

Currently, the offering is scheduled to end in mid-March 2022 and includes, but is not limited to, the receipt of all required approvals, including, but not limited to, the approvals of the TSX Venture Exchange and applicable securities regulators. It is a target. ..

We can pay up to $ 2,666,045 in Finder fees, which is equivalent to 6% of the amount of selective revenue raised based on funding plus 6% of broker warrants. The remaining $ 2,228,836 raised does not include commissions or broker warrants as it relates to funds raised by the company from insiders, friends, family and existing shareholders.

Securities issued under the offering are subject to a statutory holding period that expires four months and one day from the date of issue of such securities.

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.

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.

For more information, Please contact us:

Website: www.chartechnologies.com

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.

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. The 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 the forward-looking information, except as required by applicable law. We shall not be obliged to revise it.


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CHAR Technologies has announced an additional $ 4.89 million in private placements, Canadian Business Journal

Source link CHAR Technologies has announced an additional $ 4.89 million in private placements, Canadian Business Journal

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