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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.


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