TORONTO, Oct. 05, 2020 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. ("CHAR Technologies" or the “Company”) (TSX Venture Exchange: YES) is pleased to announce its intention to complete a non-brokered private placement (the "Offering") of up to 5,000,000 common shares in the capital of the Company ("Shares") at a price of CDN$0.10 per Share for gross proceeds of up to CDN$500,000.
The Offering is subject to a minimum subscription amount of CDN$10,000.
Certain insiders of the Company may acquire Shares in the Offering. Any participation by insiders in the Private Placement would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Shares subscribed for by the insiders, nor the consideration for the Shares paid by such insiders, would exceed 25% of the Company's market capitalization.
CHAR Technologies intends to use the net proceeds of the Offering for general working capital purposes.
Closing of the Offering is subject to approval of the TSX Venture Exchange.
The securities issued under the Offering, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.