TORONTO, Jan. 23, 2023 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. ('CHAR' or the 'Company') (TSX Venture Exchange: YES) is pleased to announce that CHAR presented at the AlphaNorth Capital Event on Saturday, January 21st, 2023.
The AlphaNorth Capital event introduces growth-stage companies (Non-Resource, Technology, Biotech, Special Situations) to active top-level capital finance individuals and institutions. CEO, Andrew White presented CHAR's 2023 growth opportunities to over 60 small cap investors and shareholders during two days of networking and one on one meetings. 'I'm pleased with the outcome of the AlphaNorth event,' said Andrew White.
'The format provided us with the opportunity to reach new investors who actively trade in the sector. I'm confident that our presentation resonated with value seeking investors focused on market fundamentals.' Additionally, insiders and former insiders exercised 600,000 stock options this week, which were set to expire this month, at an exercise price $0.22. The Company received proceeds from the option exercise of $132,000.
The Company has also completed, effective January 13, 2023, and subject to TSX Venture Exchange approval, a $93,500 unsecured debt financing for general working capital purposes from existing shareholders. A director of the Company was one of the lenders. This participation by an insider constitutes a 'related party transaction' as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'), but is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves related parties of the Company, exceeds 25% of the Company's market capitalization.
The debt has an interest rate of 12% per year and a maximum term of six-months (subject to a 1% fee if not repaid after 90 days). The lenders received a set-up fee of 1%. No other commissions or fees are payable in connection with the Financing.
The additional working capital from the financing enables the Company to continue with the timely development of our key initiatives prior to the receipt of a near term tranche of government funding. About CHAR TechnologiesCHAR Technologies Ltd. is a cleantech development and services company, specializing in organic waste pyrolysis and biocarbon development, custom equipment for water treatment, providing services in environmental management, site investigation and remediation, engineering, environmental compliance and resource efficiency.
Contact Andrew White, Chief Executive OfficerE: EMAIL Mark Korol, Chief Financial OfficerE: EMAIL: 866 521 3654 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 adequacy 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.
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 URL. 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 news release is made as of the date of this news release and CHAR undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.