CHAR announces warrant proceeds of $1.7M and RSU grant

TORONTO — CHAR Technologies Ltd. announces the exercise of 4,430,461 share purchase warrants 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 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.

CHAR Technologies Ltd. is involved in 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.