TORONTO, July 12, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR Tech” or the “Company”) (TSXV:YES), a recognized leader in sustainable bioenergy solutions, announces the following corporate developments:
Anton Szpitalak, co-founder of Pan Asia Solar and Board of Director member of CHAR Tech, has been appointed CHAR Tech’s new Chief Development Officer.
Anton is co-founder and president at Pan Asia Solar, a cleantech investment platform focused on disruptive decarbonisation technologies. Pan Asia and its investors have invested more than $100M in VC-stage companies globally. Sectors include photovoltaic manufacturing, energy generation, software development and sustainability construction.
Mr. Szpitalak is a member of the Board of Directors of Silfab Solar Inc. (www.silfabsolar.com), a North American leader in photo-voltaic (PV) module manufacturing and Gridco Srl, an Italian solar project developer and energy generator. He has a wealth of experience fostering the growth of early stage cleantech businesses globally and was an early board director in renewable natural gas project developer Amp America’s, ESG employee engagement software provider Wespire and residential rooftop solar financier BrightGrid Solar Inc, among others. Mr. Szpitalak has a Bachelor of Science (2005), with a focus on Information Systems from the University of New South Wales, Australia.
“We are extremely pleased to welcome Anton as our newly appointed Chief Development Officer. His experience working with clean technology companies who put physical infrastructure into place, as they mature into market leaders, is a great addition to the CHAR team” says CHAR CEO, Andrew White. “We look forward to his contribution as CHAR Tech broadens our projects in development to enhance our position as a leader in wood waste to renewable energy production.”
Additional senior leadership changes include outgoing Chief Commercial Officer, Lewis Smith, and outgoing Chief Operating Officer, Robert Sinyard. During their tenure, Lewis and Rob were instrumental in accelerating the Company towards commercialization leaving a lasting impact on overall organizational growth.
Loan Agreements
The Company has entered into loan agreements (the “Loan Agreements”) with lenders (the “Lenders”) for a total amount of CAD $850,000 (the “Loan”) which will be repayable in full within 90 days of entry into the Loan Agreements. The loans may be payable prior to maturity. The Lenders include existing shareholders, and current and former directors, executive officers, business associates and employees, some of whom are insiders of the Company. Proceeds of the loan will be used for short-term working capital purposes while the Company completes its claims process for a portion of the previously announced $6.6M allocation from a government reimbursement program.
The unsecured Loans will bear interest at a rate of 10% per annum. As further consideration for providing the Loan, the Company has agreed to issue to the Lenders 850,000 non-transferable share purchase warrants (each, a “Bonus Warrant”). Each bonus warrant will be exercisable into one (1) Common Share for a period of one (1) year at a strike price of CAD $0.38 per share.
The issuance of Bonus Warrants pursuant to the Loan Agreement is considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company relies on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) in respect of the issuance of these Bonus Warrants.
The Loan Agreements and Bonus Warrants are subject to the acceptance 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.
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 accuracy 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. Forward-looking statements include, but are not limited to, statements relating to the Offering, the anticipated benefits of, and rationale for, the Offering, statements regarding the intended use of proceeds of the Offering, expectations regarding the offtake agreement, future plans, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. 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, among others, the timing and ability of CHAR to obtain final approval of the Offering from the TSX Venture Exchange and 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 February 27th, 2024 for the quarter ended December 31, 2023, and available under CHAR’s profile on www.sedarplus.ca. 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.
