Char Technologies closes $1-million private placement

Executive Summary

• Char Technologies Ltd. closed the order book on its non‑brokered private placement of 5 million units at $0.20 per unit, generating gross proceeds of $1 million.
• The offering was fully subscribed by institutional investors and includes common shares plus non‑transferable warrants exercisable at $0.30 for 24 months.
• Proceeds will be used for general working capital, project development, and capital advisory/investor relations services.

Key Details

• Placement Size & Price: 5 million units @ $0.20 per unit → gross proceeds of $1 million.
• Closing Timeline: Expected by the end of the week of Dec. 16, 2023 (subject to closing conditions and TSX‑V acceptance).
• Unit Composition: Each unit = 1 common share + 1 non‑transferable warrant; each whole warrant allows purchase of 1 additional common share at $0.30 for 24 months from closing.
• Finder Compensation & Commission: Company may pay eligible finders and a cash commission up to 6 % of gross proceeds, subject to TSX‑V policies and securities law.
• Use of Proceeds: General working capital; support ongoing project development across the company’s pipeline; fund capital advisory and investor relations activities.
• Regulatory Exemption: Units offered outside Canada under OSC Rule 72‑503 (exempt from prospectus); no resale restrictions apply.
• Related Party Status: Not a related‑party transaction per MI 61‑101; not subject to TSX‑V Policy 5.9.

Notable Quotes

(No executive quotes were provided in the release.)