CHAR Tech Closes C$2M Private Placement with The BMI Group

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/EIN News/ -- TORONTO, May 12, 2025 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR Tech” or “the Company”) (TSXV:YES) is pleased to announce the successful completion of its previously announced C$2,000,000 non-brokered private placement (the “Offering”) with The BMI Group, as outlined in the May 2, 2025, strategic partnership announcement.

CHAR Tech and The BMI Group are working expeditiously to finalize the definitive agreement outlined in their binding Letter of Intent (LOI), targeting completion before the end of the month as they work to advance the Thorold Renewable Energy Facility and initiate engineering design work for the Bioveld North Espanola project, further expanding their partnership on sustainable energy projects.

In connection with the closing of the Offering, the Company issued 10,000,000 common shares in the capital of the Company (a ”Share”) at a price of CDN$0.20 per Share for gross proceeds of CDN$2,000,000.

CHAR Tech intends to use the net proceeds of the Offering for general working capital needs and the completion of ongoing procurement and development activities for the CHAR Tech Thorold Renewable Energy Facility.

All securities issued under this Offering are subject to a statutory hold period ending four months and one day from the closing date of the Offering. No bonuses, finders’ fees or commissions were paid in connection with the Offering. The Offering is subject to final acceptance by the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About CHAR Tech

CHAR Tech (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.

CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.

For further information, please contact:

Andrew White Chief Executive Officer CHAR Technologies Ltd. E: andrew.white@chartechnologies.com T: 866 521-3654		Galen Cranston Director of Stakeholder Relations CHAR Technologies Ltd. E: gcranston@chartechnologies.com T: 647-546-5633
Website: www.chartechnologies.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.

Forward-Looking Statements

Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and its business and operations. The words "may", "would", "will", "intend", "anticipate", "expect" and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the Offering, the anticipated benefits of, and rationale for, the Offering, statements regarding the intended use of proceeds of the Offering, the anticipated timing for closing of the Offering, the Investor Rights Agreement and the anticipate terms thereto, the timing for the CHAR Tech Thorold Renewable Energy Facility  to be commercially operational , future plans relating to a co-developed renewable energy production facility at Bioveld North, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. Such statements reflect CHAR’s current views and ‎intentions with respect to future events, and current information available to CHAR, and are subject to ‎certain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Offering from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 28th, 2025 for the fiscal year ended September 30, 2024, and available under CHAR’s profile on www.sedar.com. Any such forward-looking information is expressly qualified in its ‎entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or ‎completeness of such forward-looking information. The forward-looking information included in this press release ‎is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise ‎any forward-looking information, other than as required by applicable law.