CHAR Technologies Closes Private Placement

CHAR Technologies Closes Private Placement

Benzinga
November 1, 2024

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

TORONTO, Nov. 01, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. ("CHAR Technologies" or the "Company") (TSX Venture Exchange: YES) is pleased to announce that it has completed the non-brokered private placement (the "Offering") described in its news releases of October 21, 2024 and October 25, 2024. In connection with the closing of the Offering, the Company issued an aggregate of 16,359,451 units (the "Units") at a price of CDN$0.20 per Unit for gross proceeds of CDN$3,271,890. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.30 per Share until October 31, 2026 which is 24 months from the date of issuance.

Insiders of the Company acquired an aggregate of 729,410 Units in the Offering, which participation constituted a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company's market capitalization. As required by MI 61-101, the Company advises that it expects to file a material change report relating to the Offering less than 21 days before completion of the Offering, which is necessary to complete the Offering in an expeditious manner and is reasonable ...

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