CHAR Technologies Announces Increase in Private Placement to C$3,335,000

CHAR Technologies Announces Increase in Private Placement to C$3,335,000

Benzinga
October 25, 2024

TORONTO, Oct. 25, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies ("CHAR Tech" or the "Company") (TSXV:YES), a leader in sustainable energy solutions, today announced its intention, in response to investor demand, to increase the size of the $2.5M non-brokered private placement (the "Offering") it announced on October 23rd, 2024.

The Company now intends to offer up to an additional 4,175,000 units at the offering price of CDN$0.20 per unit for additional gross proceeds of up to CDN$835,000. The total Offering will now amount to up to 16,675,000 units at a price of CDN$0.20 per unit for gross proceeds of up to CDN$3,335,000. The other terms of the Offering will remain unchanged.

Each unit will comprise one common share of the Company ("Share") and one-half share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one Share for twenty-four months after the closing of the Offering at a price of CDN$0.30.

The Offering is expected to be raised from existing shareholders, and current and former directors, executive officers, business associates and employees, some of whom are insiders of the Company. Any participation by insiders in the Offering would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company's market capitalization.

Proceeds of the Offering will be used for general working capital and supporting the progression of the Thorold Project to biocarbon production.

The securities issued under the Offering, will be subject to a statutory hold period expiring four months and one day ...

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