VANCOUVER, British Columbia, May 22, 2026 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE: IWIA) (OTCQB:INTWF) ("SHARC Energy" or the "Company") is pleased to announce that, further to its news release dated February 17, 2026, February 23, 2026 and April 28, 2026, the Company has closed the third-tranche of a non-brokered private placement of unsecured convertible debentures of the Company (each, a "Debenture") for a principal amount of $1,471,000 (the "Offering"). This brings total proceeds raised to date to $2,071,000.

To accommodate the Offering, the Company exercised its overallotment option of 25%, which equates to an additional $500,000 total ("Greenshoe"). The remaining $429,000 of the Greenshoe will remain open until June 1, 2026.

The Debentures will bear interest from their issue date at 8.0% per annum calculated annually & paid on maturity and will mature three (3) years following the date of issuance (the "Maturity Date"). The Debentures are unsecured and will rank pari passu in right of payment of principal and interest with all current and future unsecured indebtedness of the Company. The Debentures, including any accrued and unpaid interest, will be convertible into common shares in the capital of the Company ("Common Shares") at a price of $0.125 per Common Share (the "Conversion Price") at the option of the holder.

The Debentures are subject to a ten percent (10.0%) blocker provision, which restricts the conversion of any underlying Debentures in the event such exercise would result in the securityholder holding ten percent (10.0%) or more of the issued and outstanding Common Shares at such time.

In connection with the Offering, the Company paid to a certain eligible non-arm's ...