CHAR Announces Warrant Proceeds of $1.7 Million and Option & RSU Grant
TORONTO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSX Venture Exchange: YES) is pleased to announce the exercise of 4,430,461 share purchase warrants (each, a “Warrant”) for aggregate proceeds of $1,703,561. The Warrants were comprised of 3,515,494 warrants exercised at $0.40 per common share and 914,967 broker warrants exercised at $0.325 per common shares. The Warrants were issued in connection with CHAR’s offering of units completed in February, 2021.
CHAR also announces that the Board of Directors has approved the grant of 1,980,331 stock options to employees, consultants, directors and officers of CHAR, which are exercisable into common shares of CHAR at a price of $0.4125 per common share. The options expire on February 6, 2028, and vest immediately (except with respect to certain officers and a consultant, whose options vest with time and performance milestones over the next twelve months). CHAR also announces that its Board of Directors has approved the grant of 613,932 Restricted Stock Units (“RSUs”) to employees, consultants and officers of CHAR. The RSUs vest after one year from the date of issue. The foregoing grants are subject to the Company’s Amended and Restated Omnibus Long-Term Incentive Plan and approval of the TSX Venture Exchange.
About CHAR Technologies Ltd.
CHAR Technologies Ltd. (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 biocoal 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.
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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. 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 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 31, 2022 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.