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CHAR Tech Closes C$2M Private Placement with The BMI Group
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About this update from Char Technologies Ltd.
[{"type":"text","content":"CHAR Tech Closes C$2M Private Placement with The BMI Group\n\n\n\n\n NOT\n \n\n FOR\n \n\n DISTRIBUTION\n \n\n TO\n \n\n UNITED\n \n\n STATES\n \n\n NEWS\n \n\n WIRE\n \n\n SERVICES\n \n\n OR\n \n\n FOR\n \n\n DISSEMINATION\n \n\n IN\n \n\n THE\n \n\n UNITED STATES.\n \n\n\n TORONTO, May 12, 2025 (GLOBE NEWSWIRE) --\n \n CHAR Technologies Ltd.\n \n (“\n \n CHAR Tech\n \n ” or “\n \n the Company\n \n ”) (TSXV:YES) is pleased to announce the successful completion of its previously announced C$2,000,000 non-brokered private placement (the “\n \n Offering\n \n ”) with\n \n The BMI Group\n \n , as outlined in the May 2, 2025, strategic partnership announcement.\n \n\n 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.\n \n\n In connection with the closing of the Offering, the Company issued 10,000,000 common shares in the capital of the Company (a ”\n \n Share\n \n ”) at a price of CDN$0.20 per Share for gross proceeds of CDN$2,000,000.\n \n\n 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.\n \n\n 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.\n \n\n\n 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 la...